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Home
> UBS takeover of Credit Suisse poses new risks for the Swiss economy, says OECD
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CHF
UBS TAKEOVER OF CREDIT SUISSE POSES NEW RISKS FOR THE SWISS ECONOMY, SAYS OECD
* OECD raises its concerns on banking competition in Switzerland
Justin Low
Wednesday, 13/03/2024 | 23:15 GMT-10
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They're not the first to point out concerns surrounding UBS' takeover of Credit
Suisse last year and certainly won't be the last. OECD says that the takeover
now creates "new risks and challenges" for the Swiss economy. Adding that:
"UBS - already a global systemically important bank before the merger - has thus
become even larger and according to the 'too big to fail' regulations, it must
meet even stricter regulatory requirements."
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It raises questions about competition within the banking sector, as UBS now
holds a roughly 25% share of domestic deposits and loans. And while the takeover
may have helped to safeguard the Swiss financial system at the time, it now
presents a whole different headache as the bank itself has assets that dwarfs
the economic output of Switzerland itself.
We'll see how domestic regulators will look to handle this in the months ahead
but at least for now, there's no immediate worry I would say. As for the Swiss
economy, OECD sets a forecast that it would grow by 0.9% in 2024 and 1.4% in
2025 - both below the country's long-term average growth rate of 1.8%.
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