ZURICH, June 17 (Reuters) – UBS’s (UBSG.S) Chief Govt sought to reassure Switzerland on Saturday over its new banking large, created by the Swiss financial institution’s historic takeover of former rival Credit score Suisse .
“The prospects for UBS are higher than ever,” Sergio Ermotti wrote in an opinion piece revealed within the Swiss paper Tages-Anzeiger. “This additionally applies to the way forward for the Swiss monetary centre and its essential position within the Swiss financial system.”
Ermotti, who returned to the financial institution as Chief Govt in a shock transfer shortly after the federal government orchestrated rescue of Credit score Suisse was introduced, addressed public concern over the scale of the mixed financial institution.
He stated “there isn’t any doubt that UBS is a big financial institution,” however that the corporate’s enterprise mannequin additionally contributes to creating wealth for Switzerland.
With the official closing of the deal having taken place on Monday, particulars of how the 2 banks, with a mixed steadiness sheet of $1.6 trillion and a workforce of 120,000, will probably be built-in stay sparse.
“The query of what is going to occur to Credit score Suisse’s Swiss enterprise additionally must be properly thought by means of,” he stated.
Reporting by Noele Illien, Enhancing by Louise Heavens
Our Requirements: The Thomson Reuters Belief Ideas.
