‘Credit Suisse is now the naughty boy in the class’

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‘Credit Suisse is now the naughty boy in the class’

Foreign media hit the nail on the head by calling the takeover of Credit Suisse by UBS a ‘shotgun wedding’, says Koen Bender of Mercurius Asset Management in BNR Beurs. ‘If you had asked Ralph Hamers a week and a half ago if he wanted to take over Credit Suisse, he would have said ‘no way’.

Foreign media hit the nail on the head by calling the takeover of Credit Suisse by UBS a ‘shotgun wedding’, says Koen Bender of Mercurius Asset Management in BNR Beurs. ‘If you had asked Ralph Hamers a week and a half ago if he wanted to take over Credit Suisse, he would have said ‘no way’. (ANP / AFP)

And so the flag would still hang at UBS, Bender knows. “He said in an internal memo to his staff today that Credit Suisse should still be considered a competitor,” he says. ‘As it has actually been for 150 years, because the merger is not yet official.’

According to Bender, crucial factors are missing in the acquisition of Credit Suisse by UBS to really call it a merger. “Normally, plans and strategic analyzes are made before a merger takes place,” he says. “But they’re missing now.”

‘Do you have to’

Instead, Bender thinks there’s a “must have” and that the merger makes no sense at all. This is mainly because both banks have the same type of portfolio. ‘They are both big in wealth management, they both have an international network, their offices are next to each other’, Bender sums up. ‘There’s so much overlap.’

According to Bender, Credit Suisse is the naughty boy in the class in this instance, while the roles were reversed in 2008 during the financial crisis. “Then UBS had to apply for a loan to get through the winter,” he says. “As long as they went through their hooves.”

Knowing more? Listen to the entire episode of BNR Beurs here.


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