ZURICH, June 17 (Reuters) – UBS’s (UBSG.S) Chief Government sought to reassure Switzerland on Saturday over its new banking big, created by the Swiss financial institution’s historic takeover of former rival Credit score Suisse .
“The prospects for UBS are higher than ever,” Sergio Ermotti wrote in an opinion piece printed within the Swiss paper Tages-Anzeiger. “This additionally applies to the way forward for the Swiss monetary centre and its essential position within the Swiss financial system.”
Ermotti, who returned to the financial institution as Chief Government in a shock transfer shortly after the federal government orchestrated rescue of Credit score Suisse was introduced, addressed public concern over the dimensions of the mixed financial institution.
He stated “there is no such thing as a doubt that UBS is a big financial institution,” however that the corporate’s enterprise mannequin additionally contributes to creating wealth for Switzerland.
With the official closing of the deal having taken place on Monday, particulars of how the 2 banks, with a mixed stability sheet of $1.6 trillion and a workforce of 120,000, might be built-in stay sparse.
“The query of what’s going to occur to Credit score Suisse’s Swiss enterprise additionally must be nicely thought by means of,” he stated.
Reporting by Noele Illien, Modifying by Louise Heavens
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