The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.
BANKING

Credit Suisse and UBS: Gut takes a tumble

Did Nikolaus Senn, chairman of the embattled Union Bank of Switzerland, seize a merger proposal from CS chairman Rainer Gut and use it as a crude weapon against his bitterest enemy and major shareholder Martin Ebner? Here's the story whose climax a third of all Zurich inhabitants watched on television. But will it have a happy ending? And who pairs off with whom? David Shirreff reports

Rainer-Gut-cartoon 780px

Nikolaus Senn, the 69-year-old chairman of Union Bank of Switzerland, unwinding at his holiday home in Florida, gets a message from the office in Zurich. Rainer Gut, chairman of rival group CS Holding, wants to have a talk.

Senn is suddenly wrenched, from the relaxation of Palm Beach, back to the hot-house he left in Zurich. It's two weeks before his bank's annual general meeting (AGM) - the last he will see as chairman. It promises to be a cliff-hanger. According to the rumours that abound in the Swiss-German city Martin Ebner, maverick banker whose fund BK Vision is a major UBS shareholder, is close to amassing enough votes to block the appointment of Senn's designated successor, outgoing chief executive Robert Studer.

There are also rumours that Gut has joined forces with a group of institutional shareholders in UBS - Winterthur Insurance, Swiss Re-insurance, Roche Holding - either to support Ebner, or to push UBS in some other uncomfortable direction. Senn is curious to know what Gut has to say.

"I called to set your mind at rest," says Gut. "There's no truth in these rumours that we're planning to support BK Vision at your AGM."

"Glad








You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree