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Reuters

Business

By John Revill

Giant bank deal triggers political backlash in Switzerland

UBS Credit Suisse Switzerland the Social Democrats

FILE PHOTO: A person walks in front of a logo of the Swiss bank UBS in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse

Switzerland's two biggest political parties sharply criticized UBS's takeover of Credit Suisse saying multi-billion state support for the deal created enormous risks for the country.

Swiss authorities announced on Sunday that UBS had agreed to buy rival Swiss bank Credit Suisse in a shotgun merger aimed at containing a crisis of confidence that was spreading through global banking.

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