Rivals eye Swiss riches after Credit Suisse failure
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Rivals eye Swiss riches after Credit Suisse failure

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Zurich | Photo: Getty

Credit Suisse’s domestic bank was arguably the failed group’s best and strongest division. One year after the rescue, UBS is not the only one trying to feast on its domestic wealth-management and corporate-banking leftovers. Other Swiss and international players also hope to benefit from the longer-term fallout in Switzerland. Will the rush to pick up the remnants of the fallen champion pay off?

Whether or not the disappearance of one of Switzerland’s two national banking champions was a good thing for the long-term health of the country’s banking sector will remain a debate for years to come. For the one that survived, however, the answer is less in doubt.

What UBS could do with Credit Suisse’s valuable domestic business was one of the key questions facing Sergio Ermotti when he returned as UBS chief executive in March 2023. Until last August, the bank was – officially, at least – still considering the possibility of a spin-off. Now, the success of UBS’s takeover may rest much more on its ability to keep and integrate Credit Suisse’s old Swiss universal bank than on any benefit from Credit Suisse’s higher-risk international businesses.

Keeping the Swiss bank could, eventually, even become more important than the extraordinarily cheap price UBS paid for its troubled rival.


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EMEA editor
Dominic O’Neill is EMEA editor. He joined Euromoney in 2007 to cover emerging markets, focusing on central and eastern Europe, Middle East and Africa, and later on Latin America. Based in London, he has covered developed market banking since 2015.
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