Swiss Price Regulator Puts UBS Under Observation
By Adria Calatayud
Switzerland's price regulator said it placed UBS Group under observation, citing the bank's dominant position in some markets following its takeover of former rival Credit Suisse.
The Office of the Price Supervisor of Switzerland said Thursday that it is responsible for monitoring possible price abuses in segments where the country's competition authority found the bank to have market power.
UBS didn't immediately respond to a request for comment.
The move by the regulator comes days after UBS completed a merger of its Swiss domestic bank with Credit Suisse's equivalent, a move that the bank saw as a key element in the integration of its once rival. UBS acquired its competitor last year in a deal engineered by Swiss authorities to stem a crisis at Credit Suisse.
Swiss financial regulator Finma last month closed an in-depth investigation into UBS's takeover of Credit Suisse, saying the deal wouldn't eliminate effective competition.
While UBS was able to strengthen its position in certain market segments, the deal didn't eliminate effective competition and the requirements for intervention weren't met, the regulator said at the time.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
July 04, 2024 09:58 ET (13:58 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s Happening in the Markets This Week
-
Worst-Performing Stock ETFs of the Quarter
-
Q3 in Review and Q4 2024 Market Outlook
-
Top-Performing Stock ETFs of the Quarter
-
September Jobs Report Forecasts Show Moderate Hiring Gains
-
Port Strike a Headache for Shippers but a Potential Tailwind for Certain US Transport Stocks
-
13 Charts on Q3′s Roller-Coaster Rally for Stocks and Bonds
-
5 Stocks to Buy Instead of Overpriced US Equities
-
Consumer Defensives: Despite Angst, Thirsty Investors Have Names to Pursue
-
Industrials: Many Stocks Overvalued After Q3 Outperformance
-
Basic Materials: Despite Index Rise, We See Multiple Long-Term Opportunities
-
What the Election Could Mean for Big Tech Stocks
-
3 Lessons From Recent Stock Market Drama
-
Consumer Cyclicals: Even Amid Moderating Consumer Spending, We See Discounts
-
Healthcare: Valuations Look Fair Overall, With Select Industries Still Undervalued
-
Utilities: Falling Interest Rates, Growth Outlook Boosting Stocks