UBS’ multi-billion state-sponsored takeover of Credit Suisse should proceed smoothly without political obstructions, Swiss Finance Minister Karin Keller-Sutter said in an interview published yesterday.
The Swiss parliament is due to hold an extraordinary session next week to discuss the emergency merger engineered by the Swiss authorities after Credit Suisse came close to collapse, Reuters reported.
Nearly $287bn of liquidity support and state guarantees have been offered to back the takeover and avoid a financial meltdown the bank’s uncontrolled failure could have triggered. “There is a merger agreement between UBS and CS, for its part the cabinet has made a commitment to the national bank to provide CS with liquidity in order to ensure stability,” Keller-Sutter said.
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