‘This would preserve jobs and maintain healthy competition, which would ensure the proper functioning of our economy.’Įthos Foundation says the removal of competition in the Swiss market, along with the lack of a shareholder vote on the takeover, means pension funds have been ‘doubly penalized’ by the weekend’s events. ‘In this respect, Ethos proposes to the Swiss authorities… the possibility of separating the Swiss banking division of Credit Suisse from the rest of the UBS group and… an IPO as soon as the situation has stabilized.

‘Ethos Foundation regrets that certain strategic options – such as the separation and listing of the Swiss bank from Credit Suisse – were not pursued when it was still possible,’ says the shareholder group in a statement. The deal was ushered through by the Swiss government – which changed the law to remove the need for a shareholder vote – as well as Swiss market regulator FINMA and the country’s central bank. On Sunday, UBS agreed to acquire Credit Suisse for SFr3 bn ($3.2 bn) after clients pulled billions from the beleaguered firm, leaving it on the brink of collapse and stoking fears of a global banking crisis. Investors in Credit Suisse have called for an IPO of the rescued firm’s national banking division to preserve competition in the Swiss market.Įthos Foundation, which represents more than 200 Swiss pension funds, says the takeover of Credit Suisse by larger rival UBS will damage investors, customers and the broader Swiss economy.

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