Takeover of Credit Suisse by UBS: “The financial sector remains strong”
During the annual media conference attended by its Chairman, Marcel Rohner, and Deputy CEO August Benz, the Swiss Bankers Association (SBA) commented on the current situation in the Swiss financial centre.
At the SBA’s annual media conference on 21 March, its Chairman Marcel Rohner emphasised that the Association backs the takeover of Credit Suisse by UBS. It is the best possible solution given the challenging circumstances, he stated at the conference and in an interview on SRF Radio’s “Tagesgespräch”. The decision was taken for the good of the Swiss financial centre and strengthens confidence. “The financial centre retains its credibility”, he asserted.
Deputy CEO August Benz commented that the solution safeguards the stability of the financial centre. In an interview with Blick TV and elsewhere, he affirmed his conviction that taxpayers’ money will not have to be used.
The SBA is also firmly committed to the TBTF regime, considering that without it, the solution that has now been found for the CS crisis would not have been possible. The regime is also partly responsible for the fact that the Swiss financial centre is altogether very stable. High capital and liquidity requirements apply in Switzerland, and its banks are consequently very well capitalised, stable, and enjoy a high level of trust overall. Marcel Rohner also emphasised this point in an interview with allnews.ch. Across the board, he stated “the financial sector remains strong”.