BASEL (Reuters) - UBS's Chairman told the bank's annual shareholder meeting on Wednesday that the takeover of rival Credit Suisse (SIX:CSGN) was a significant milestone for Switzerland and for the global financial industry.
Describing the transaction as "the first merger of two globally systematically important banks," Colm Kelleher said it "means a new beginning and huge opportunities ahead for the combined bank and for the Swiss financial center as a whole."
Kelleher addressed shareholders for the fist time since the announcement of the takeover, urgently engineered and pushed through by the Swiss authorities last month.
Outlining UBS's strategy, Kelleher said the Credit Suisse takeover would help the bank to deliver value to the Swiss economy and accelerate its strategic plans to expand its position as the leading wealth manager, particularly through growth in the United States and Asia.