UBS, Switzerland's biggest bank, agreed in March to buy
rival Credit Suisse for 3 billion Swiss francs in stock
and agreed to assume up to 5 billion francs in losses, in a
merger engineered by Swiss authorities to avoid more
market-shaking turmoil in global banking.
BlackRock, the world's largest asset manager, is a major
shareholder in UBS.
"This story is not over but the emphasis has now shifted to
what UBS is going to do with it, as opposed to what the
government did and I think the government handled it, under very
difficult circumstances, very well," Hildebrand said, referring
to Credit Suisse.
Speaking about the broader banking turmoil which saw two
U.S. lenders collapse and sizable deposit outflows last month,
"there were some serious mistakes made in terms of strategy, in
terms of risk management," Hildebrand said.
"(We're) going to have to say that our assumptions on liquidity were probably too optimistic and they came out of the 2008 crisis, that we'll have to revisit that and I'm sure regulators will do that. (Reporting by Yoruk Bahceli and Padraic Halpin; editing by Dhara Ranasinghe)
