Credit Suisse and Ubs shareholders ignored, the justification of the top management

“We had to act immediately to stabilize the situation”

UBS executives try to justify the fact that shareholders were ignored in the decision to take over Credit Suisse. “We had to act immediately to stabilize the situation,” underlined the chairman of the board of directors, Colm Kelleher during the current meeting in Basel. There was no time to consult shareholders, he explained. The Swiss Federal Council has resorted to emergency legislation to allow the merger without shareholder approval. “Therefore, unfortunately, it was not possible to obtain your consent,” the manager regretted.

Kelleher said he understands that not all UBS and Credit Suisse holders like this. At the same time, however, he said he was convinced “that he made the right decision”, because the acquisition will allow the financial center to remain as an important pillar of prosperity in Switzerland. “It represents a stable and sustainable solution”, commented the manager. And the transaction, although not initiated by UBS, should be financially attractive to shareholders of the largest Swiss bank.

The acquisition is expected to be completed within a few months. For the merger, on the other hand, another three or four years are foreseen; this, however, without the complete liquidation of the investment bank parts of Credit Suisse that are to be sold.