It only took five days to put an end to 167 years of history. The acquisition of Credit Suisse by UBS, announced Sunday evening after marathon negotiations with the Swiss authorities, marks the end of a true icon of Swiss finance. Fifteen years after the bailout of UBS in the midst of the financial crisis, it leaves a nation in shock. “The redemption of shame”, headlines the “Tribune de Genève” the day after the announcement. A “historical scandal”, considers for its part the “Tages-Anzeiger”.
For the Swiss National Bank (SNB), the Swiss Financial Market Supervisory Authority (Finma) and the Federal Department of Finance (FDF, the Ministry of Finance), presented by the negotiators as the “trinity”, it is nevertheless the only way to avoid an even greater shock.
