ZURICH - As Credit Suisse fades into history following its takeover by UBS last year, global banks are expanding in Switzerland to take advantage of companies' desire to spread their business.
"Shortly after the collapse of Credit Suisse, corporates immediately opened discussions with foreign banks like us," said Jürg Hobi, head of Citi's Swiss commercial banking arm. The fall of Credit Suisse helped to convince the German bank to expand in Switzerland and take on businesses with annual turnover of at least 500 million Swiss francs , she said.
COMCO said the deal warranted a deeper review and that there were no "fully-fledged alternatives" in corporate banking to UBS, urging authorities to encourage "effective competition".
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