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UBS Group has identified South Korea, India, Ireland, and Saudi Arabia as slow in granting regulatory approvals required for its takeover of Credit Suisse, according to an internal document. The document, circulated to global staff, stated that non-cooperative regulators could jeopardize the merger and other transactions, potentially leading to asset sales and business winding down. UBS completed the takeover in June but still requires approvals from regulators in markets where both banks operate. ....
UBS s acquisition of Credit Suisse for $3.25 billion in March has been hailed as the "deal of the century" after UBS reported a net profit of $29.2 billion for the second quarter. The exceptional gain was attributed to the difference between the purchase price and Credit Suisse s book value. However, critics argue that the takeover has created a monopolistic situation and put Switzerland at risk if the new mega-bank faces a crisis. UBS still faces challenges ahead and it remains to be seen whether the deal was truly worth it. ....
The Swiss government has awarded an advisory mandate worth up to 8.7 million Swiss francs ($9.70 million) to Alvarez & Marsal Switzerland, linked to the rescue of Credit Suisse, according to state ....
The move by Fitch comes as Credit Suisse is dealing with the fallout from the Greensill and Archegos scandals, which have raised concerns about risk management at the bank. ....