Switzerland's financial regulator ruled on Wednesday that the UBS takeover of Credit Suisse did not create any competition concerns, despite recommendations from the country's antitrust watchdog that it merited further scrutiny.
"The merger of UBS and Credit Suisse will not eliminate effective competition in any market segment," Swiss financial regulator FINMA said in a statement.
UBS said it will continue to implement its integration of Credit Suisse after FINMA's report.
It also narrowed the financing options for the country's high-cost, export-orientated companies, especially with Credit Suisse seen as the bank which supported entrepreneurs.
"When I look at the discussion after Credit Suisse's rescue by UBS, I see more fear than courage," he said in Lucerne.
Persons:
FINMA, Sergio Ermotti
Organizations:
UBS, Credit Suisse
Locations:
Switzerland, Swiss, Lucerne