A media report said the global consultancy is advising on a possible tie-up between the two leading Swiss banks. Both lenders have declined to comment.
Global management consultants McKinsey & Co is advising on a potential mega-merger between Switzerland’s two largest banks, Credit Suisse, a media report said.
A report by Consultancy.eu said that McKinsey was involved in the potential tie-up of the banks. A possible marriage of the banks was flagged in reports last week. UBS chairman Axel Weber has reportedly called such a plan “Signal”. (This news service discussed the story in our regular Wealth Talk series here.)
WealthBriefing has contacted McKinsey & Co for comment, and may update in due course. It had not received a reply at the time of going to press.
Weber is working on the plan with his counterpart at Credit Suisse, Urs Rohner, according to the Swiss blog, Inside Paradeplatz. Weber has discussed the idea with Swiss Finance Minister Ueli Maurer; an agreement could happen by early next year, it said. UBS is in the middle of a leadership transition, with former ING Groep NV head Ralph Hamers taking over from CEO Sergio Ermotti in November. At Credit Suisse, Thomas Gottstein has taken over as CEO from Tidjane Thiam.
Last week the banks declined to comment on the matter.
Yesterday, Swiss magazine Bilanz said that the UBS and Credit Suisse chairmen had supported a “merger of equals” during talks earlier this year. Discussions had tailed off since the summer holidays, one source is reported to have said, amid a drop in Credit Suisse's share price placing the banks' respective valuations beyond the merger of equals threshold.