A group of institutional shareholders, especially pension funds Swissare evaluating the possibility of taking legal action against the sale of Credit Suisse to UBS bank, for 60% less than the market value at the time of the negotiations.
“We will explore all options, including legal ones, in the coming days to determine who is responsible for this debacle,” said the Ethos Foundation, which is made up of Swiss pension funds and other institutional investors with interests in both sites.
the sale of Credit Switzerland it is a “massive waste” for shareholders and for the Swiss economy as a whole, and in this case the pension funds are “punished doubly” for this transaction, Ehos said.
This is due to a last-minute change approved by the government so that shareholders of Credit Switzerland and UBS cannot vote on the operation whereby the latter bank will absorb the former in the coming weeks or months – the time it takes to receive final approval from the various regulatory bodies -.
In a statement, the Ethos Foundation said that a second issue faced by both Swiss pension funds and private clients in general relates to the dominant position UBS will undoubtedly hold in the Swiss banking market.
As a solution, he proposes changing the strategy and decoupling credit distribution from Credit Suisse. business in Switzerland and that it is listed on the stock exchange.
This idea would make it possible to preserve thousands of jobs that are now at risk and maintain a healthy competitive environment for the national economy, the foundation said.
Source: El heraldo
Roy Brown is a renowned economist and author at The Nation View. He has a deep understanding of the global economy and its intricacies. He writes about a wide range of economic topics, including monetary policy, fiscal policy, international trade, and labor markets.
