In a significant development in the Swiss banking landscape, the Swiss government has enlisted the expertise of consultants from Alvarez & Marsal to play a crucial role in the acquisition of the distressed Credit Suisse bank by UBS.
The consulting firm, Alvarez & Marsal, has been awarded a substantial contract valued at 8.7 million Swiss francs ($10 million) by the Swiss Federal Finance Administration (FFA) to provide essential support in managing this landmark acquisition. The deal has sent ripples through Europe’s financial sector and the Swiss banking industry.
According to a spokesperson from the Ministry of Finance, who spoke with Reuters, Alvarez & Marsal’s advisory services will be instrumental throughout the deal process. Their expertise will be pivotal in navigating the complexities of creating an intricate agreement with UBS and overseeing the liquidation of assets in this critical undertaking.