Regulator defends rescue of Credit Suisse via UBS takeover as ‘best option’

Swiss bank Credit Suisse was taken over by UBS (Michael Buholzer/Keystone via AP)

The head of the Swiss financial regulator has defended the rescue of Credit Suisse through a takeover by rival bank UBS as the solution with the least risk of creating a wider crisis and damaging Switzerland’s standing as a financial centre.

The merger was “the best option” and one that “minimised risk of contagion and maximised trust”, said Urban Angehrn, chief executive of the Swiss Financial Market Supervisory Authority, or FINMA.