Credit Suisse Fallout
Swiss Parliament Nears Deal on UBS Guarantees as MPs Change Vote
- Upper house on Wednesday offered compromise to other chamber
- Lawmakers don’t have the power to stop UBS-Credit Suisse deal
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Switzerland’s parliament is approaching a deal to push through government guarantees for UBS Group AG’s takeover of Credit Suisse Group AG after a upper houses compromise was met with approval in the lower chamber.
“The majority of our party will vote for this proposal if the government will pursue higher capital ratios and restricted bonuses,” Social Democrat lawmaker Roger Nordmann said in the lower house in Bern on Wednesday. The stricter stance on banks is “a major development,” he said.