Banks UBS to be closely monitored by the price supervisor in future
Following the merger of UBS and Credit Suisse, the price watchdog wants to scrutinize the only remaining major Swiss bank more closely.
04.07.2024, 12:04
SDA
This was announced by the price watchdog on Thursday following a meeting with the Swiss Financial Market Supervisory Authority FINMA, the Competition Commission (ComCo) and the Swiss National Bank (SNB).
The merger of UBS and Credit Suisse was approved by FINMA in mid-June without any conditions. However, a Weko investigation published at the same time came to the conclusion that the merged UBS had market power or even market dominance in some markets.
The price supervisor is therefore directly responsible for monitoring price abuse in these markets, according to a statement issued by the authority on Thursday. The necessary preparatory work had already begun some time ago and market observations were planned, it added.
As usual, anyone is free to report any suspected abuse of pricing power to the price watchdog. This can also be done anonymously via the website.
The price watchdog will work together with interested parties. In the future, detailed consultation with the SNB and Finma will be mandatory, particularly with regard to lending rates. In fulfillment of its statutory mandate, the Price Supervisor has also agreed to cooperate closely with the Competition Commission on a regular basis.
