Because of the importance of the banking sector to the Swiss economy, the constitution guarantees privacy for customers and deposits. In an Ordinance issued on March 19, 2023, the government of that country officially announced the merger of Credit Suisse and UBS, which came as no surprise to everyone. Despite the country’s notorious reputation for secrecy and lack of openness, the merger between the two banks was finalized without the approval of the shareholders of either organization.
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