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Friday, January 24, 2025

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UBS Bank He hopes to complete the acquisition of "Credit Suisse" end of june

The Swiss bank, UBS, expressed its hope to complete the acquisition procedures of its competitor, Credit Suisse, at the end of June, stressing that the merger represents "Unique opportunity to create value". Switzerland’s largest bank indicated that it made a net profit of $1 billion, well below expectations of $1.7 billion, but announced "large capital flow" During the same period, which indicates customer confidence, according to the quarterly results statement. The bank’s new general manager, Sergio Ermotti, who returned to the position he previously held to lead the acquisition of Credit Suisse, confirmed that "I am convinced that this transaction will contribute to strengthening the leading position of the Swiss financial center and will benefit the entire economy", as stated in the statement. On March 19, UBS Bank agreed to buy its competitor, Credit Suisse, under pressure from the authorities, in a deal amounting to three billion Swiss francs (3.02 billion euros), with financial guarantees from the federal government and the central bank. This deal saved the second largest bank in Switzerland from bankruptcy, which would have led to "Irreparable economic damage"And she continued: "So Switzerland must carry out its responsibilities beyond its borders"Swiss Finance Minister Karin Keller-Sutter warned. The banking sector has been under great pressure since the major central banks raised interest rates in an attempt to control inflation, and several institutions failed to prepare for the current risks, after years of benefiting from low-interest financing.

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Arab Desk
Arab Desk
The Eastern Herald’s Arab Desk validates the stories published under this byline. That includes editorials, news stories, letters to the editor, and multimedia features on easternherald.com.

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