BASEL, April 5 (Reuters) – UBS’s (UBSG.S) Chairman instructed the financial institution’s annual shareholder assembly on Wednesday that the takeover of rival Credit score Suisse (CSGN.S) was a major milestone for Switzerland and for the worldwide monetary business.
Describing the transaction as “the primary merger of two globally systematically essential banks,” Colm Kelleher mentioned it “means a brand new starting and large alternatives forward for the mixed financial institution and for the Swiss monetary middle as an entire.”
Kelleher addressed shareholders for the fist time because the announcement of the takeover, urgently engineered and pushed by by the Swiss authorities final month.
Outlining UBS’s technique, Kelleher mentioned the Credit score Suisse takeover would assist the financial institution to ship worth to the Swiss financial system and speed up its strategic plans to develop its place because the main wealth supervisor, notably by progress in the US and Asia.
Reporting by Noele Illien
Enhancing by Tomasz Janowski
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Supply By https://www.reuters.com/enterprise/finance/ubs-chairman-addresses-shareholders-milestone-credit-suisse-takeover-2023-04-05/