2023-05-25 17:12:35
The European Commission on Thursday unconditionally approved the merger of UBS and Credit Suisse, considering that the operation did not raise competition concerns in the European Economic Area (EEA).
The Commission found that the merger would not “significantly reduce competition in markets where their activities overlap within the EEA”, i.e. in the areas of wealth management, asset management and investment banking.
The European regulator warns that the bank “will continue to face significant competitive pressure from a wide range of competitors in all these markets”.
UBS had said it expected to complete the transaction before the end of the second quarter. It lacks the authorization of the American regulator, with which the establishment filed a file a week ago.
According to UBS, the merged group represented as of December 31 assets for more than 1,500 billion francs.
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