(AWP) The two major Swiss banks UBS ( UBSG 11.3 1.3% ) and Credit Suisse ( CSGN 10.02 1.89% ) want to merge according to a media report. UBS Board of Directors President Axel Weber is planning a merger with CS President Urs Rohner, writes the finance portal "Inside Paradeplatz" on Monday.
The project is called Signal, according to the report from inside the two big banks. Weber was the driving force behind it and spoke to Finance Minister Ueli Maurer about it, said an informant according to the portal. The financial market regulator Finma is also in the picture about Weber's plans. The merger should be agreed in early 2021, and at the end of 2021 Switzerland would have a new financial giant.
According to "Inside Paradeplatz", a second source reports from the consultant McKinsey - who has been a consultant at both big banks for years: With this one is saying that you are on something that would overshadow everything that has existed in the financial center.
Weber is pushing his merger plans with high pressure, said the informant according to the report. Weber would talk to many about his plan. That is why the intended merger of the two Swiss financial giants has been making the rounds for weeks.
A spokesman for Weber said at the request of "Inside Paradeplatz" that rumors are generally not commented on. UBS and CS themselves did not want to comment on the speculations at the request of the news agency AWP.
A total of almost 120,000 employees
UBS employs almost 70,000 people worldwide - calculated in full-time positions - and CS a good 48,000. Revenues at UBS reached almost $ 29 billion in the past year with a profit of 4.3 billion. CS took in CHF 22.5 billion and earned 3.4 billion from it.
While the Swiss Thomas Gottstein has been the head of the bank at Credit Suisse since the beginning of the year, a change is imminent at UBS. The long-standing CEO Sergio Ermotti, who has been in office since 2011, will step down at the end of October and his successor will be Ralph Hamers, who comes from the Dutch ING Group ( INGA 7.079 0.44% ) . Hamers joined UBS at the beginning of September and will officially follow in Ermotti's footsteps as UBS boss on November 1st.
The Dutchman, who had been at the helm of the major Dutch bank since 2013, had pushed ahead with the expansion of digital channels, modernized IT, acquired a number of fintech companies and increased the number of customers. According to VRP Weber's request, it should also raise the digitization of UBS to a new level.
According to earlier statements, Weber himself wants to remain president until 2022. The decisive factor for his future plans, however, is whether UBS is in a good position to hand over the office, he once said. Before it became known that Ermotti was switching to Swiss Re ( SREN 76.52 -0.23% ) , the market had actually speculated that Weber would replace Weber.
https://www.fuw.ch/article/weber-und-rohner-pruefen-angeblich-ubs-cs-fusion
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