Understand the main points of the merger between the two largest banks in Switzerland – Photos

by time news

Credit Suisse, Switzerland’s second-biggest bank, has been in turmoil for two years and is one of 30 financial institutions considered too big to fail.

“Its fate is therefore decisive not only for Switzerland, for our companies, private customers, their employees, but for the stability of the entire financial system,” declared Swiss President Alain Berset, as he presented the agreement.

Finance Minister Karin Keller-Sutter said the bankruptcy of Credit Suisse would have caused “irreparable economic turmoil”.

“For that reason, Switzerland must assume responsibility beyond its borders,” he said. “UBS’ purchase of Credit Suisse laid the foundation for greater stability in Switzerland and internationally,” he added.

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