Swissmem boss criticizes UBS for worse credit conditions By dpa-AFX

ZURICH (dpa-AFX) – In the discussion about the conditions of UBS (SIX:) for its corporate customers, the Swissmem industry association has voiced criticism of the major bank in the media. In a survey conducted by the association among member companies, 23 percent of the companies surveyed stated that the conditions or quality of services had improved since the takeover of Credit Suisse (SIX:) has worsened, writes the “NZZ am Sonntag”.

“We are disappointed with UBS,” Swissmem President Martin Hirzel is quoted as saying in the article. The Swiss bank has always assured that it recognizes the importance of the tech industry and wants to be a reliable partner. “The high number of companies affected now paints a different picture.”

Since the first Swissmem survey a year ago, the proportion of companies affected by the crisis has more than doubled. “We fear that this trend will continue, because many companies are still in the process of renegotiating loans,” says Hirzel.

UBS has forced around half of the companies affected to renegotiate faultily after a contract expired. By far the most common cases are mortgages and business loans, it continues. But companies are also reporting worse conditions in export financing, payment transactions and capital market transactions.

Criticism rejected

In recent months, various UBS representatives have repeatedly rejected criticism of inadequate conditions, especially in the corporate client business. They pointed to the increased interest rates since the takeover of Credit Suisse. UBS Switzerland boss Sabine Keller-Busse also said at an investor conference a few days ago that the former competitor did not take sufficient risks in some cases.

According to the newspaper, price watchdog Stefan Meierhans has now also become active. He has received a double-digit number of complaints from UBS customers who object to an increase in margins on loan interest rates. “We have sent UBS an initial questionnaire to observe whether and, if so, in which areas, price abuse cannot be ruled out,” Meierhans told the newspaper.