“UBS” holds its first shareholder meeting Hoping to build confidence After acquiring Credit Suisse
On April 5, 2566, UBS, Switzerland's largest bank Prepare to hold the annual general meeting today. Following the takeover of Credit Suisse by 1,128 shareholders gathered in Basel are seeking clarity on the board's plans. from major acquisitions amid conflict legal hazard and public skepticism
UBS will try to build confidence among shareholders at today's meeting that The unexpected acquisition of rival Credit Suisse. It's something that can be managed. The acquisition is the largest bank bailout since the Great Financial Crisis.
Colm Kelleher, Chairman of UBS, said: “March 19, 2566, Credit Suisse's emergency rescue date, is a historic day and one we hope will never come. The merger also presents huge future opportunities for banks and the Swiss financial sector as a whole.”
The UBS chairman emphasized UBS's focus on wealth management and Swiss businesses. and confirmed that the bank will reduce capital allocated to investment groups to below 25% of risk-weighted assets.
The Credit Suisse merger is expected to take approximately three to four years, excluding Credit Suisse's non-core investment banking portfolio.
By Sergio Ermotti A new CEO took over on Wednesday after his surprise reappointment last week, as UBS takes on the monumental task of consolidating the business. Many critics saw Ermotti's return as an attempt to restore order. This is because the country's long-standing reputation for financial stability is faltering.
UBS, meanwhile, reported full-year profits of $7.6 billion for 2565, and its shares are still up more than 10% since the end of the year. But concerns remain over the scale of the new venture. This will have total investment assets of more than $5 trillion.
Additionally, reports indicate that UBS's plans may include job cuts of around 20-30% of the combined entity's global workforce.
