The Chairman of the UBS Board of Directors, Colm Kelleher, during the bank’s Annual General Meeting in Basel
Image: dpa
The takeover of Credit Suisse is the dominant topic at the general meeting of the major Swiss bank UBS. The Board of Directors sees an “enormous risk” in the project.
fNormally, UBS was only concerned with giving an account of the past financial year at its general meeting in Basel on Wednesday. But Colm Kelleher, the chairman of the board of directors of the major Swiss bank, naturally knew that the shareholders would only be marginally interested in the net profit of 7.6 billion dollars achieved in 2022. So, right at the beginning of his speech, the Irishman mentioned March 19, 2023. That Sunday, UBS announced that it would take over rival Credit Suisse.
“It was a historic day that we had hoped would not come. Nevertheless, it represents an important turning point, not only for UBS and Credit Suisse (CS), but for all of Switzerland and the financial industry worldwide,” said Kelleher.