UBS CEO says bank can handle risks of Credit Suisse takeover By Reuters

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UBS CEO says bank can handle risks of Credit Suisse takeover

Published Mar 20, 2023 02:55AM ET Updated Mar 20, 2023 11:37AM ET

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UBS CEO says bank can handle risks of Credit Suisse takeover

ZURICH (Reuters) - UBS can handle the risks from taking over Swiss rival bank Credit Suisse, UBS Chief Executive Ralph Hamers told broadcaster SRF.

In a package orchestrated by Swiss regulators on Sunday, UBS will pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume up to $5.4 billion in losses.

Hamers, who will lead the combined entity as chief executive, said UBS would be able to manage the risks that could emerge from a so-called superbank.

"We have a very good capital ratio at UBS, and we also have a very good liquidity position. So we have contained the risks in the markets," Hamers said in the interview broadcast early on Monday.

"The second step for us is to transform CS's investment bank into an investment bank like UBS has. We call this a capital-light investment bank. In doing so, we are not taking so much risk."

He said he did not currently have any figures regarding lay-offs at Credit Suisse, although there would always be cost savings.

Still, there were no definite plans at present, he said.

"There are certainly opportunities and chances for growth. The many employees - CS has 50,000 worldwide - also have a new future together with us. And together we can build an even more beautiful bank."

The intended takeover would bring security and stability to the Swiss financial market and also for Credit Suisse clients, he added.

"The takeover means that we are bringing back stability and security for CS clients," Hamers said. "But also that we are upholding the reputation of the Swiss financial centre."

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