EC Approves Acquisition Of Credit Suisse By Swiss Bank UBS
The European Commission (EC) gave the largest bank in Switzerland, UBS, its permission to acquire Credit Suisse.
« Following a market study, the European Commission has concluded that the merger will not lead to any significant restriction on markets in the scope of these companies’ activities within the European Economic Community, » the message stated.
Credit Suisse’s stock price on the stock exchange fell by a quarter in a single day in the middle of March. Due to a spate of bank failures in the US, observers thought the bank might collapse. The largest bank in Switzerland, UBS, would then purchase Credit Suisse for 3 billion Swiss francs ($3.2 billion), according to the central bank of Switzerland.