Fri, Mar 1st 2024
The Swiss Competition Commission pushes for a thorough probe into UBS’s market dominance following its acquisition of Credit Suisse, signaling potential antitrust concerns.
The Swiss Competition Commission has called for a comprehensive examination of UBS’s market influence post-Credit Suisse acquisition. This move underscores a growing concern over UBS’s potential market dominance, particularly in the Swiss bond sector.
In late 2023, a detailed report analyzing the takeover’s repercussions was delivered to Finma by the Commission, as per Reuters, citing insider insights. Though the report isn’t binding for Finma, it could sway the regulatory body’s final verdict on the matter.
Confirmed by AWP, the Commission has indeed submitted the report to FINMA, awaiting a decision. The ComCo’s role, primarily advisory, allows it to propose but not enforce actions, underscoring Finma’s pivotal role in bank mergers.
The report suggests measures to enhance competition in specific segments, though the Commission remained tight-lipped about the details. Finma, acknowledging the ongoing competitive impact assessment, remained non-committal about future actions or decision timelines. UBS, on its part, has refrained from commenting on the developments.
This situation highlights the intricate balance between maintaining a competitive market and ensuring the stability of the financial sector, especially in a banking powerhouse like Switzerland.
Our recent opinion piece published on FINMA and their current lack of efficacy may be a cause for concern in this case. Are FINMA in a position to really investigation UBS?
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