Swatch CEO Nick Hayek would have preferred if UBS had taken Swiss Credit Suisse public instead of letting it die.
In an interview with «SonntagsBlick» (behind paywall), Swatch Group CEO Nick Hayek said that «UBS could have kept 30 to 40 percent, while Swiss industrialists such as Amag, Schindler, Ems, Stadler, Lindt & Spruengli and Swatch Group could have also participated», resulting in a tranche of 5, 6 or 7 percent in total.
Such an agreement «would have created a lot of trust and goodwill with the Swiss public – and UBS would have made money with the IPO, but would still have had a non-threatening bank that it could have controlled». By deciding to abandon the Credit Suisse brand, UBS has now opened the doors to players from abroad, Hayek feared.
Hypocritical West
Hayek went on to criticize the world for acting «ideologically» while the west is being «hypocritical», referring to Russian sanctions because «they impose them and continue to do business behind the scenes».
Hayek emphasized he is not against sanctions in principle «but only if everyone actually participates».
