UBS Group AG is set to meet with shareholders for its annual general meeting on Wednesday as it looks to subdue their fears following the acquisition of Credit Suisse Group AG in what is the biggest bank takeover since the last financial crash.
Outgoing Chief Executive Ralph Hamers, who has led the bank for the last three years, will take the stage alongside Chairman Colm Kelleher. While Sergio Ermotti has been rehired at the bank’s chief executive in an effort to help guide the Credit Suisse takeover, he is not expected to attend Wednesday’s AGM.
The decision to acquire Credit Suisse has not been received well. In addition to UBS shareholders, the population of Switzerland, in general, has not aired support for the government-backed deal, costing 3 billion Swiss francs ($3.3 billion), a survey by political research firm gfs.bern found.
Now, the bank is faced with the mammoth task of integrating Credit Suisse and its assets into UBS’s existing business model.