SBA statement on takeover of Credit Suisse by UBS

In response to the announcement that Credit Suisse is to be taken over by UBS, the Swiss Bankers Association (SBA) has the following comments:

This is a difficult and complicated situation for the Swiss financial centre, and events are moving very swiftly. All measures that serve to ensure stability and restore calm are therefore to be welcomed. The stability of the financial centre is vital to the Swiss economy as a whole.
With this in mind, the Swiss Bankers Association (SBA) believes that the takeover of Credit Suisse by UBS as well as the measures taken by the Swiss National Bank (SNB) and the authorities make good sense. The takeover ensures the stability of the Swiss financial centre, gives those responsible sufficient time to organise the necessary restructuring, and strengthens trust on the part of clients.
The Swiss financial centre is made up of several hundred institutions that are successful, secure and highly trusted.

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