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UBS to gain $8bn fossil fuel exposure from Credit Suisse deal as activists warn of ‘climate nightmare’

Historic tie-up between Swiss rivals ‘could add up to a climate nightmare’, Reclaim Finance warns

By Kristen McGachey
A report published by Reclaim Finance estimates UBS will take on an additional $8bn in exposure to fossil fuel developers by buying Credit Suisse
A report published by Reclaim Finance estimates UBS will take on an additional $8bn in exposure to fossil fuel developers by buying Credit Suisse Photo: Ina Fassbender/Getty Images

Swiss regulators are being urged to tighten rules on fossil fuels after Credit Suisse and UBS's tie-up, as analysts warn the deal is a “climate nightmare”.

The shotgun wedding between the Swiss rivals is set to create the world’s fourth largest bank with $5tn in assets under management.

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