Switzerland's Competition Commission is examining Credit Suisse's takeover by UBS. Proposals are expected at the end of next month.
Weko, the Swiss competition watchdog, is currently looking into the forced takeover of Credit Suisse by UBS. Although the deal has been approved, Weko head Patrik Ducrey said it's currently conducting hearings on the matter with customers and experts being interviewed. «We will send our statement to Finma at the end of September,» Ducrey told the «Handelszeitung» (in German).
According to the story, Ducrey didn't comment about whether and, if so, what conditions Comco will recommend to the Swiss Financial Market Supervisory Authority (Finma).
It could come as a surprise if the takeover was to stand as is without any corrective proposals. It's also an open question as to whether Finma will accept and address potential Weko concerns.
On Thursday, UBS will report its second-quarter results, including the performance of Credit Suisse, now a subsidiary. A report earlier today projected Credit Suisse will report a loss of $4 billion for the second half.
No EU Competitiveness Concerns
In May, the EU approved the takeover of Credit Suisse by UBS unconditionally, saying UBS wouldn't significantly impede competition in the markets where the parties' activities overlap in the European Economic Area.
«In particular, the Commission found that the combined entity will continue facing significant competitive pressure from a wide range of competitors in all of those markets, including several major global banks as well as specialist providers and strong local players,» according to a statement from the EU at the time.
