Credit Suisse faces shareholder fury at final AGM after UBS takeover
Credit Suisse will hold its final annual general meeting on Tuesday, after being rescued by rival Swiss bank UBS last month. Shareholders, who were largely bypassed in the takeover, are expected to voice their anger at the hastily arranged deal. The bank’s restructuring efforts were interrupted by the collapse of Silicon Valley Bank, which triggered a run on deposits and pushed Credit Suisse to the brink of collapse.
The Swiss government invoked emergency legislation to arrange the shotgun merger, leading to a loss of value for shareholders. The meeting will be the first time the bank’s Chairman and CEO address shareholders since the takeover was announced.