Proxy adviser Ethos: UBS should have spun off CS' Swiss business

Prospector Metals

31/08/2023 10:03

ZURICH, Aug 31 (Reuters) - UBS  UBSG.S  should have spun
off Credit Suisse's Swiss business, proxy adviser Ethos said on
Thursday, after Switzerland's No. 1 bank annnounced plans to
fully integrate its former rival's home market business.
    "We are disappointed as the spin off would (have) been a
better option to avoid a major systemic risk for Switzerland, an
important negative impact on employment and issues for the fair
competition of the Swiss financial market," Ethos Director
Vincent Kaufmann said in an emailed statement. 
    Ethos, which has backed a class-action lawsuit seeking a
better price from UBS for the takeover, said UBS' massive
second-quarter financial gain related to the takeover confirmed
Credit Suisse was "significantly undervalued" in the deal.

 (Reporting by Noele Illien; writing by Brenna Hughes Neghaiwi;
editing by Friederike Heine)
 ((brenna.neghaiwi@thomsonreuters.com))