The European Commission approved this Thursday without imposing any type of condition the Credit Suisse takeover by UBS understanding that the transaction does not raise competition concerns in the EU, the institution reported in a statement.
The Community Executive explained that his investigation showed that the absorption “will not significantly reduce competition” in markets where the activities (of the two banks) overlap within the European Economic Area (EEA).
In particular, Brussels considered that the entity resulting from the merger “will continue to face significant competitive pressure from a wide range of competitors” in the markets in which it participates, among which includes “several global banks, specialist providers and strong local players”.
“The Commission therefore concluded that the proposed merger does not raise competition concerns in any of the examined markets within the EEA and unconditionally approved the transaction.”, remark the community authorities.
the swiss bank UBS agreed to buy its competitor Credit Suisse in mid-March after the latter, a few days after turmoil with regional banks in the United States, was caught up in a crisis of confidence that plunged its share price.
UBS, which paid 3 billion francs (3.05 billion euros) for Credit Suisse to save it from bankruptcy, is confident it can close the deal in late May or June.
Source: EFE
Source: Gestion
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