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ZURICH (Reuters) – UBS Should Have Spun Off Credit Suisse’s Swiss Business, Says Proxy Adviser Ethos

In a recent statement, proxy adviser Ethos expressed its disappointment over UBS’s decision to fully integrate Credit Suisse’s Swiss business. Ethos believes that spinning off the business would have been a more viable option to avoid potential systemic risks for Switzerland. Ethos Director Vincent Kaufmann emphasized that such integration could have negative consequences for employment, while also creating issues of fair competition within the Swiss financial market.

As an organization composed of various Swiss pension funds and public utility foundations, Ethos held stakes in both UBS and Credit Suisse prior to their merger. Accordingly, Ethos represents approximately 3%-5% of shares in the newly combined group, allowing it to voice concerns on behalf of these stakeholders.

Furthermore, Ethos has backed a class-action lawsuit aimed at securing a better price from UBS for the takeover. The proxy adviser pointed to UBS’s substantial second-quarter financial gain related to the takeover as confirmation that Credit Suisse was significantly undervalued in the deal.

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In summary, Ethos’s disappointment over the full integration of Credit Suisse’s Swiss business by UBS highlights the need for careful consideration of potential risks and fair competition within the Swiss financial market. By leveraging cutting-edge AI technology like the legalese decoder, stakeholders gain the ability to decipher complex legal language, empowering them to protect their interests and ensure transparency in major business transactions.

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