Swiss regulators defend rescue of Credit Suisse via UBS deal

By JAMEY KEATEN and DAVID McHUGH
Associated Press

GENEVA (AP) — Swiss regulators have defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland’s standing as a financial center. The head of the Swiss Financial Market Supervisory Authority told reporters Wednesday that the merger “minimized risk of contagion and maximized trust.” UBS Chairman Colm Kelleher expressed confidence about the takeover. Kelleher said at the bank’s annual shareholders meeting that the deal is expected to close in the next few months but that fully integrating the banks could take three to four years. He alluded to the complexity of the first-ever merger of two ”global systemically important banks.”