There’s the risk that more skeletons emerge from Credit Suisse’s cupboard. The risk of merging two intense rivals, with very different cultures. There’s the risk that sorting Credit Suisse’s mess weakens UBS.
The bank might have ample capital and liquidity, but the SNB clearly believes this just isn’t enough in a market fearfully watching for the next domino to fall. UBS, which has had to be convinced to come to the table – strong-armed might be the better description – will rightly want its pound of flesh from the central bank.
Given Credit Suisse’s recent history, it’s possible there are more gremlins lurking inside the business, and UBS won’t want to take them on without some serious government-backed insurance.
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