Swissmem sees no danger for the Swiss industrial location following the takeover of Credit Suisse by UBS. The important thing is that Credit Suisse’s export financing is maintained, says industry association president Martin Hirzel.
‘I hope that UBS will not take advantage of the situation to impose worse conditions on the industry,’ he added in an interview broadcast on Sunday by SonntagsBlick.
The official believes that it is the medium-sized exporting companies that will undergo the most change with the disappearance of Credit Suisse. ‘They will have to get used to not being able to set up all the financial operations from their village and in their mother tongue’.
Worse conditions
The president of Swissmen also points out that a single large bank in Switzerland means less competition in the financial center, which is not good news, especially for export-oriented companies. ‘The industry might compare UBS’s prices with those of Credit Suisse by requesting an offer from both’.
‘It’s over now and the conditions tend to be less favorable for payment transactions, loans and the placement of corporate bonds. In addition, Credit Suisse was the leader in financing and hedging export transactions,” adds Mr. Hirzel.
As for the solution of acquisition of Credit Suisse by UBS set up by the Confederation, the president of Swissmem judges that it took place properly. ‘The companies did not lose any money, the payment transactions and the hedging of currency risks worked perfectly. A bankruptcy of Credit Suisse, on the other hand, would have had catastrophic consequences for the Swiss economy.
/ATS
