Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Israeli media: Intense US efforts are being made to resolve differences, such as the issue of the Israeli presence on Mount Hermon and in southern Syria
Israeli media: The security agreement means amending the disengagement agreement, which will also address the Druze issue
Israeli media: Attempts to reach a security agreement between 'Israel' and Syria were among the topics discussed at the Paris meeting
Israeli media: Sheikh Muwaffaq Tarif rejected a US proposal to join the recent tripartite meeting between Tom Barrack, al-Shaibani, and Dermer
Saba News Agency: Two martyred, five injured in a preliminary toll of the Israeli aggression on the Yemeni Oil Company station on Al-Sitteen Street in Sanaa
Senior Yemeni military source to Al Mayadeen: We observed a state of confusion among the enemy's aircraft squadron after Yemeni air defenses intercepted the attack
Senior Yemeni military source to Al Mayadeen: The Yemeni air defense forces succeeded in neutralizing a squadron of enemy aircraft and prevented airstrikes on some governorates
Senior Yemeni military source to Al Mayadeen: Our air defenses and missile forces forced a formation of enemy aircraft to flee the airspace
Member of the Ansar Allah Political Bureau, Mohammed al-Bukhaiti: The Israeli aggression on Yemen will not deter us from continuing to support Gaza, no matter the sacrifices
Al Mayadeen's correspondent: The Israeli aggression targeted the Yemeni Oil Company station on Al-Sitteen Street, southwest of the capital, Sanaa, with several raids

European Commission greenlights UBS takeover of Credit Suisse

  • By Al Mayadeen English
  • Source: Agencies
  • 25 May 2023 18:19
  • 2 Shares
2 Min Read

The Commission says the merger will not significantly impact competition in Europe.

  • x
  • European Commission greenlights UBS takeover of Credit Suisse
     UBS and Credit Suisse logos are seen in this illustration taken on March 18, 2023. (Reuters)

The European Commission approved the takeover by UBS of its embattled banking rival Credit Suisse on Thursday, ruling that the merger does not harm competition in Europe.

The European Commission concluded on Thursday that UBS' takeover of failed rival Credit Suisse will not affect competition in Europe, thus approving the merger request submitted earlier.

"The merger would not significantly reduce competition in the markets where their activities overlap" within the European Economic Area, the financial regulator said.

Read more: Over $68 billion withdrawn from Credit Suisse ahead of UBS takeover

On March 19, UBS agreed to acquire global investment bank Credit Suisse, Switzerland's second-largest bank, in a government-brokered deal, for over $3.3 billion after the latter's market value plummeted sharply, nearing the bank from imminent bankruptcy.

Swiss authorities granted then 109 billion Swiss francs ($118 billion) in urgent guarantee credits for the Swiss National Bank SNB, FINMA financial regulators, and UBS to acquire the crashing bank.

Related News

Spain, Switzerland, India reconsider F-35 purchases amid US tariffs

Sudan’s al-Burhan meets Trump’s Africa advisor in Switzerland: Sources

Both banks are considered to be global systemically important financial institutions (G-SIFIs), which made financial institutions worldwide monitor closely the dangerous situation.

But criticism arose in the country over Credit Suisse's management and how it handled the bank's finances and voiced concerns that this merger might create a megabank.

Read more: European bank shares plummet after Credit Suisse buyout

The combined bank will still face "significant competitive pressure from a wide range of competitors in all of those markets, including several major global banks as well as specialist providers and strong local players," the Commission noted.

Almost 25.2 percent of UBS' turnover is in investment banking, while the number at Credit Suisse is 20.6 percent. Both financial institutions conducted similar business ventures, including mergers and acquisition consulting. 

The takeover is likely to be completed before June's end, UBS said in April.

Swiss newspaper SonntagsZeitung said earlier that this is "the merger of the century." 

  • Switzerland
  • banking crisis
  • European Commission
  • UBS
  • Credit Suisse

Most Read

Tom Artiom Alexandrovich, executive director of the defense division of the Israeli National Cyber Directorate, undated (Social media)

Israeli-born US prosecutor drops Israeli officer child sex crime

  • Politics
  • 19 Aug 2025
Displaced Palestinians walk through a makeshift camp along the beach in Gaza City, Sunday, Aug. 10, 2025 (AP)

Hamas, other factions accept Egypt-Qatar ceasefire proposal: Exclusive

  • Politics
  • 18 Aug 2025
Palestine will not be liberated by UN reports, but by pursuing a different strategic horizon: one that does not beg for recognition. (Al Mayadeen English; Illustrated by Batoul Chamas)

Economy of Genocide: Albanese's report accuses, but doesn't dismantle system

  • Opinion
  • 18 Aug 2025
Israeli soldiers stand on the top of armoured vehicles parked on an area near the Israeli-Gaza border, as seen from southern Israel, Wednesday, Aug. 20, 2025 (AP)

Palestinian fighters target Israeli soldiers, vehicles in Gaza

  • Politics
  • 21 Aug 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
Israeli Prime Minister Benjamin Netanyahu speaks during a press conference at the Prime minister's office in al-Quds, Occupied Palestine, Sunday, Aug. 10, 2025 (AP)
Politics

Netanyahu deliberately derailing truce with Gaza occupation: Hamas

Irish President Michael Higgins arrives to deliver his speech during a 42nd World Food Day celebration at FAO headquarters in Rome, on Oct. 16, 2023. (AP Photo/Alessandra Tarantino)
Politics

Irish president renews call for UN military intervention in Gaza

US Ambassador to Turkey and Special Envoy to Syria Tom Barrack speaks during an interview with The Associated Press at the US Embassy in Aukar, northern suburb of Beirut, Lebanon, Monday, July 21, 2025 (AP)
Politics

US envoy, Netanyahu discuss restraining attacks on Lebanon, withdrawal

Smoke billows following Israeli airstrikes in multiple areas in Sanaa, Yemen, Sunday, Aug. 24, 2025 (AP)
Politics

Ansar Allah vow sustained Gaza support despite Israeli strikes

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS