FINMA Clears UBS-Credit Suisse Merger After Antitrust Review

FINMA has finalized its antitrust review of the proposed merger between UBS and Credit Suisse, announcing no conditions or obligations.

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FINMA has shared the final report of its antitrust review of the proposed merger between UBS and Credit Suisse, announcing no conditions or obligations will be imposed on the merger. The decision, reached after a thorough assessment, asserts that the consolidation of these two major banks will not diminish effective competition in any segment of the market.

Approval for the merger was available in advance by FINMA on March 19, 2023, under the provisions of the Cartel Act. This preemptive measure was essential for creditor protection and to safeguard the Swiss financial sector and international financial markets from potential adverse impacts. By assuming responsibility for competitive assessment in this case, FINMA superseded the Competition Commission (COMCO), prioritizing creditor interests as mandated by law.

FINMA Clears UBS-Credit Suisse Merger Without Conditions After Antitrust Review

During its scrutiny, FINMA determined that while UBS may strengthen its market position in specific sub-segments post-merger, overall competition in relevant markets would remain robust. Therefore, FINMA did not meet the regulatory requirements for intervening in the merger, resulting in the conclusion of the procedure without imposing any additional conditions or reviews.

Throughout the process, FINMA collaborated closely with COMCO, leveraging comprehensive market analyses and evaluating input from competitors, industry associations, and stakeholders. This collaborative effort provided FINMA with a solid foundation on which to reach its decision.

With the conclusion of the control procedure, FINMA’s specific role under the Cartel Act in this matter comes to an end. Both FINMA’s ruling and COMCO’s opinions are public to ensure transparency regarding the review process and its outcomes. Looking ahead, FINMA will continue to monitor the integration of Credit Suisse into UBS closely from a supervisory standpoint, underscoring its ongoing commitment to regulatory oversight in the Swiss financial industry. 

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