A survey by political research firm gfs.bern found that most Swiss did not support the deal that would create a financial institution with assets double the size of the country's annual economic output.
UBS executives told shareholders that its unexpected takeover of Credit Suisse was a milestone for the industry and a significant challenge for the bank, Reuters reported.
Describing the transaction as "the first merger of two globally systematically important banks," Chairman Colm Kelleher sought to assure investors that it also meant "a new beginning and huge opportunities ahead for the combined bank and the Swiss financial center as a whole."
Addressing shareholders for the final time as chief executive, Ralph Hamers acknowledged that the merger has led to new priorities for the bank, bringing a change at its helm.
"The acquisition of Credit Suisse will be a major challenge," Hamers said.
"It is expected to create a business with more than $5 trillion in total invested assets," he said.
Price Action: UBS shares are down 0.81% at $20.83 during the premarket session on the last check Wednesday.
Don't miss real-time alerts on your stocks - join Benzinga Pro for free! Try the tool that will help you invest smarter, faster, and better.
This article UBS Executives Say Surprise Credit Suisse Acquisition Is a 'Major Challenge' originally appeared on Benzinga.com
© 2023 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.