IMF Urges Tighter Swiss Regulation After UBS Takeover Of Credit Suisse

Source: International Business Times

UBS is considered too big to fail AFP The IMF urged Switzerland on Thursday to strengthen its financial sector regulation as supervising UBS has become "more challenging" since it grew into a global banking behemoth after its takeover of Credit Suisse. Switzerland's biggest bank was strongarmed by the government into buying Credit Suisse last year over fears that the second largest lender in the country might go under and spark a global financial crisis. "Lessons from the CS (Credit Suisse) case should inform further reforms to strengthen the regulatory and supervisory framework," the IMF said in a statement concluding its annual staff mission to Switzerland.