In a recent announcement, the Swiss government confirmed that UBS will be taking over Credit Suisse. The government emphasized that the bankruptcy of a global systematically important bank would have caused irretrievable economic turmoil not only in Switzerland but also throughout the world. For this reason, Switzerland had to take responsibilities beyond its own borders.
The Federal Council is convinced that the UBS takeover of Credit Suisse has laid the foundations for greater stability both in Switzerland and internationally. The acquisition is expected to result in significant changes in the banking industry, and it will be interesting to see how it will affect customers and stakeholders of both banks.
