UBS holds its annual general meeting on Wednesday morning against a fraught political backdrop following its takeover of fallen rival Credit Suisse, announced last month.
FINMA and the Swiss central bank brokered UBS’ takeover for embattled Zurich rival Credit Suisse for 3 billion Swiss francs ($3.3 billion), in a deal announced on March 19.
The bank notoriously pleaded guilty in 2014 to criminal charges for “knowingly and willfully” helping U.S. clients hide offshore assets and income from the IRS.
Central banks and regulators had hoped that the Credit Suisse rescue deal would help calm investor jitters about the stability of Europe’s banks.
A number of Credit Suisse bondholders said they are considering legal action after the $17 billion wipeout of the embattled bank’s AT1 bonds.
From Hong Kong to Australia and Singapore, authorities urged that their domestic banking systems were stable.
Despite bold proclamations about a return to stability, the sale of Credit Suisse to UBS does not appear to have laid to rest contagion concerns.
Credit Suisse’s largest shareholder confirmed to CNBC that it had suffered a loss of around 80% on its investment.
UBS agreed to buy Credit Suisse as part of a cut-price deal designed to alleviate panic in the banking sector.
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