Sounds like bad news for Switzerland's banking sector to have such a high concentration of power in one institution...
Weber und Rohner prüfen angeblich UBS-CS-Fusion
According to a media report, the board presidents of the two big banks are sounding out a possible merger.
(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.
