Swiss authorities examining UBS takeover of Credit Suisse

SWITZERLAND’S Competition Commission is looking into UBS’s takeover of Credit Suisse, the authority said on Monday (Aug 28).

In March, the Swiss government, central bank and financial regulator rushed through a rescue deal for Credit Suisse, resulting in the country’s two largest banks merging.

“We confirm that the Swiss Competition Commission is looking at the takeover of Credit Suisse by UBS and will send Finma (Swiss Financial Market Supervisory Authority) her results probably by the end of September,” the Commission’s vice-director told Reuters. REUTERS