Zurich: Switzerland‘s financial regulator, FINMA, on Wednesday said it would not further investigate UBS‘s market dominance after it rescued Credit Suisse last year.
“The merger of UBS and Credit Suisse will not eliminate effective competition in any market segment,” FINMA said.
The decision follows a report by the country’s competition authority, COMCO, which was sent to FINMA last autumn.
There has been a debate in Switzerland about the size and power of UBS, which analysts say has a dominant position in areas such as Swiss loan and debt markets.
UBS, which bought its arch-rival last year in the biggest banking rescue since the 2008/9 financial crisis, had considered selling Credit Suisse’s domestic business but ultimately decided to keep it.
COMCO’s role in assessing the impact of mergers was suspended at the time as Swiss authorities used emergency laws to push the deal through. But the agency, also known as Weko, can still examine UBS’ position in specific markets on competition-related concerns.
UBS will continue to implement the planned integration of Credit Suisse, it said after FINMA report.
Published 19 June 2024, 08:43 IST