ZURICH, March 20 (Reuters) – Swiss proxy advisor Ethos, which represents shareholders of the country’s two biggest banks, said it hopes Credit Suisse’s Swiss arm be spun off from the rest of the UBS group, in a statement published on Monday.
Ethos said it proposed the Swiss authorities “to consider the possibility of separating the Swiss banking division of Credit Suisse from the rest of the UBS group”, adding that it regretted that this had not been pursued “when it was still possible” and before the merger was announced.
It said it envisaged an IPO as a solution for once the situation had stabilised.
“This would preserve jobs and maintain a healthy competition, which would ensure the proper functioning of our economy,” Ethos said.
Reporting by Noele Illien, Editing by Louise Heavens