UBS, Credit Suisse tie-up may not lead to Swiss bliss | Business

Credit Suisse Headquarters building and UBS building to the left, Paradeplatz, Bahnhofstrasse, Zürich.The marriage of UBS and Credit Suisse was hastily arranged to prevent a global financial meltdown — but the size of the resulting megabank could cause domestic problems in Switzerland, the central bank admitted on Thursday.

With Credit Suisse shares in freefall last week, the Swiss government, the SNB central bank and the FINMA financial regulators strong-armed UBS into buying its stricken rival before the markets reopened on Monday. Behind UBS and Credit Suisse in Switzerland, only Raiffeisen and PostFinance — the financial services unit of Swiss Post — rank as domestic systemically important banks, along with the cantonal banks of the Zurich and Vaud, which have limited reach beyond those regions."The Swiss banking system is very resilient and robust," he said.

The strictest rules apply to the US bank JPMorgan Chase, but UBS is likely to jump up in the rankings.Jeopardy risk "We were in an extremely fragile environment where we had this banking crisis in the United States and enormous nervousness in financial markets in general," Jordan said.Instead it would have created"enormous uncertainty and would then also put the Swiss financial system, including the Swiss economy, in jeopardy - but not only Switzerland. It could also be then the trigger of a bigger, larger global financial crisis.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Business Maverick: Credit Suisse, UBS among banks in DOJ Russia-sanctions probeCredit Suisse Group AG and UBS Group AG are among the banks under scrutiny in a US Justice Department probe into whether financial professionals helped Russian oligarchs evade sanctions, according to people familiar with the matter.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »

South African finance boss is at the centre of Credit Suisse rescue battle | BusinessAs the 166-year-old Credit Suisse came close to collapse over the past week, its South African-born chief financial officer Dixit Joshi played a pivotal role in trying to save the bank. | News24_Business
Fuente: News24 - 🏆 4. / 80 Leer más »

Business Maverick: EU Regulators to Rethink Liquidity After Credit Suisse UnravelsThe rapidly unfolding crises of confidence at Credit Suisse Group AG and Silicon Valley Bank are prompting some regulators gathered at the European Central Bank to rethink their treatment of liquidity risk.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »