UBS chairman Kelleher (Colm Kelleher).
[Financial Channel/Comprehensive Report] UBS (UBS) executives tried to reassure investors on Wednesday (5th) that the bank can make a surprise deal to buy rival Credit Suisse (Credit Suisse) work and return shareholders .
"Reuters" reported that UBS Chairman Colm Kelleher said that the largest bank rescue operation since the global financial crisis is a milestone for the industry and a major challenge for banks. Kelleher also told UBS Shareholders, it also represents new beginnings and huge opportunities for both the merged bank and the Swiss financial center.
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Last (March) under the auspices of the Swiss authorities, UBS agreed to acquire Credit Suisse for 3 billion Swiss francs (3.3 billion U.S. dollars, nearly NT$100 billion) to prevent the further spread of banking turmoil.
Kelleher said at the general meeting of shareholders that UBS is confident in its ability to successfully manage the integration of Credit Suisse and that the merged bank will maintain sufficient capital and believes that the transaction is attractive to UBS shareholders.
The hasty bailout sparked dissatisfaction among shareholders of Switzerland's two largest banks and unnerved many Swiss investors.
A survey by research firm gfs.bern found that the takeover would create a financial institution twice the size of the Swiss economy, and most Swiss do not support the deal.
Some investors also expressed concerns about potential layoffs and the adverse impact of the emergence of new giant banks on competition.
UBS vice chairman Gaehwiler (Lukas Gaehwiler) said that there are about 250 banks in Switzerland and there is enough competition.
Before completing the "difficult task" of the merger, it is too early to speculate on personnel adjustments.
Swiss local media "Tages-Anzeiger" (Tages-Anzeiger) quoted a UBS executive on Sunday (2nd) as saying that the combined group's headcount may be reduced by 20-30%.
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