UK approves the Acquisition of Credit Suisse by UBS
UBS Group AG has received regulatory approval from the Bank of England for the acquisition of Credit Suisse Group AG in the United Kingdom.
In the UK, regulatory approval for changes in company control can take up to 60 business days. However, given the importance of the UK market for both banks, a quick decision was necessary. On March 19, shortly after the deal was announced, the BoE welcomed "the comprehensive action of the Swiss authorities to support financial stability".
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UBS needs 58 countries to approve the deal, and the longer the process takes, the harder it will be for Credit Suisse to maintain its business. This combination will turn the largest bank in Switzerland into a "giant" in the asset management industry with assets of more than 3 trillion USD.
On April 4, UBS was given a temporary green light by antitrust regulators of the European Union (EU) to complete the acquisition of Credit Suisse. However, the European Commission stated that UBS still needed to apply for formal approval under EU merger regulations.
UBS CEO Ralph Hamers, who is stepping down on April 5 after the annual shareholder meeting, highlighted that takeover plans can only be partially implemented because Credit Suisse remains a separate corporation. Therefore, regulatory approval from around the world is crucial to make this acquisition a reality.
Overall, UBS's acquisition of Credit Suisse in the UK has been met with positive regulatory approval, which allows both banks to forge ahead with their plans to boost their assets in the asset management industry. The speedy approval by the BoE and temporary green light from antitrust regulators of the EU should help the process, but there's still a long road ahead before full approval is granted.
UK approves the Acquisition of Credit Suisse by UBS
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