Swiss administration banking group UBS presented to its shareholders Credit Suisse as part of its annual general meeting for the first time since its hasty capture, which, although having the character of a state of emergency under the direction and assistance of Switzerland, was in the works and in the backs of the heads of those in charge for several years. Yesterday, in a tense atmosphere, UBS tried to calm them down. interested investors and shareholders, 1,128 people who gathered in Basel asking for clarification and clarification on the deal, as reported by CNBC. The forced marriage of two of Switzerland’s largest banks has sparked considerable controversy in Switzerland, calling into question the legality of the process and its democratic principles among investors, analysts and, of course, citizens. UBS chairman Colm Kelleher said that March 19, the date of the Credit Suisse emergency bailout, was “a historic day and one we hoped would never come.”

However, as he added, merge it also represents “a new beginning and huge opportunities ahead for the combined banks in particular, as well as for the Swiss financial sector as a whole.” He also emphasized that UBS will continue to focus on asset management and activities in Switzerland, while confirming that bank reduce the capital allocated to its investment arm below 25% of weighted assets.

Shareholders and investors attending the AGM asked for clarification and more details about the deal.

The integration of Credit Suisse is expected to take about three to four years, excluding the non-core investment banking portfolio. Colm Kelleher said the bank expects to remain well capitalized and well above its capital targets until the deal closes. It’s worth noting that its new CEO, Sergio Ermotti, who just started his second term at UBS yesterday, was abruptly called out after the merger. His task is to carry out the difficult task of the merger, which involves both the reduction of Credit Suisse and massive layoffs. The Board of Directors of UBS decided that he should lead this titanic project. Ermotti’s return was seen by many commentators as an attempt to restore calm, as Switzerland’s longstanding reputation as a center of financial stability had been badly damaged. UBS reported a profit of $7.6 billion for all of 2022 and its share price is up more than 10% year-to-date. Of course, concerns remain about the scale of the new banking group with total invested assets of more than $5 trillion. dollars and create too much concentration of power in their hands for both the Swiss and the world economy.

However, it should be noted that the “marriage” was hatched for a long time. When Kelleher became UBS chairman last April, he inherited from his predecessor Axel Weber viability studies through at least 2020 on what a Credit Suisse takeover would look like, Bloomberg reported.