The head of the Swiss financial regulator on Wednesday defended the rescue of Credit Suisse through a controversial takeover by rival bank UBS as the best solution with least risk of spreading a wider crisis and severe damaging Switzerland’s standing as a financial center.
The merger was “the best option” and one that “minimized risk of contagion and maximized trust," said Urban Angehrn, chief executive of the Swiss Financial Market Supervisory Authority, or FINMA.
