Regulation

Finma chief calls for watchdog’s powers to be bolstered after Credit Suisse debacle

Finma chair Urban Angehrn said in extreme cases 'our skills reach their limits – as the events surrounding Credit Suisse have shown'

UBS's emergency $3.25bn takeover of Credit Suisse in March, which was pushed through by the Swiss government, is now the subject of legal action from shareholders
UBS's emergency $3.25bn takeover of Credit Suisse in March, which was pushed through by the Swiss government, is now the subject of legal action from shareholders Photo: AFP via Getty Images

Switzerland’s financial services watchdog boss says it had limits over what it could do during the sudden takeover of Credit Suisse by rival UBS.

In an opinion piece for Neue Zürcher Zeitung, Finma chair Urban Angehrn said the regulator intervened in a variety of ways, including placing a strong risk-based focus on the bank in recent years, “actively and vehemently”.

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