Credit Suisse held what is most likely going to be its last Annual General Meeting as an independent firm — unpacking its sudden takeover by UBS and the impacts this will have on stakeholders, Global Custodian reported. UBS agreed to take over Credit Suisse in a deal worth more than $3.25 billion at the end of March, moving forward without the approval of shareholders under emergency ordinance issued by the Swiss Federal Council. The Swiss National Bank said the takeover provides a solution “to secure financial stability and protect the Swiss economy in this exceptional situation.” Axel Lehmann, chairman of Credit Suisse, started off his address this morning by admitting the firm “stands here today in a situation no one could have expected.” Lehmann has served as chairman for little over a year and stated that he was aware of the size of the task of restoring the bank, the accumulated problems, the time pressure as well as the difficult geopolitical and macroeconomic environment. “Until the end, we fought hard to find a solution,” Lehmann said. “Ultimately, there were only two options: deal or bankruptcy. The merger had to go through; the terms had to be accepted.”
