UBS' dramatic takeover of Credit Suisse was the deal neither bank wanted. Here's some of the passive-aggressive digs from both sides.
The deal was brokered by the Swiss national bank and sealed over the course of a dramatic weekend. Two fierce domestic rivals will become one. UBS will now decide which Credit Suisse businesses it wants to keep at the bank, and which of its rival's execs could play an important role in the new UBS.
For example, the first official word of the deal came from the Swiss National Bank, which announced:"UBS today announced the takeover of Credit Suisse." At the time, UBS had done no such thing."With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation."A merger! Not a rescue takeover.
The statement gives further clarity to the government's role, going on to say the deal came after the Swiss authorities"asked both companies to conclude the transaction to restore necessary confidence in the stability of the Swiss economy and banking system.""Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome.
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