UBS Chief Govt Sergio Ermotti mentioned on Friday that Credit score Suisse’s state of affairs had stabilized and he didn’t imagine capital outflows from the rescued financial institution would proceed.
Ermotti additionally mentioned throughout an occasion that he anticipated an investigation into the circumstances that introduced Credit score Suisse Group to the brink of collapse to be carried out. The financial institution was finally purchased by UBS in an emergency operation spearheaded by the Swiss authorities.
Commenting on his choice to incorporate Ulrich Koerner, a former UBS govt who has led Credit score Suisse since final yr, on the mixed financial institution’s new administration workforce, Ermotti mentioned the financial institution’s issues return farther.
“That may be very clear. This example has not developed within the final six weeks or the final six months, however over the course of the final six, seven years,” mentioned the manager.
“I hope that when an investigation is carried out, the understanding of all the pieces that occurred shall be clear,” mentioned Ermotti.
Swiss prosecutors mentioned final month that Swiss authorities had opened an investigation into the Credit score Suisse acquisition, specializing in potential violations of Swiss legislation by authorities officers, regulators and executives of the 2 banks.
Ermotti additionally mentioned that UBS is on schedule to finish the acquisition of Credit score Suisse inside three months of the deal being introduced on March 19.
