<p>UBS will seek to reassure shareholders on Wednesday that its unexpected takeover of rival <a href="https://www.deccanherald.com/business/business-news/ubs-takes-over-credit-suisse-in-move-to-calm-the-markets-1201731.html" target="_blank">Credit Suisse</a> in the biggest bank rescue since the great financial crash can work.</p>.<p>Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse.</p>.<p>After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/i-am-truly-sorry-credit-suisse-chairman-1206559.html" target="_blank">'I am truly sorry': Credit Suisse chairman</a></strong></p>.<p>The move angered not only shareholders but many in Switzerland. A survey by political research firm gfs.bern found a majority of Swiss did not support the deal.</p>.<p>Shareholders of Switzerland's largest bank will have the chance to air their views on Wednesday, although they may be wary about rocking a boat that had been on a steady course.</p>.<p>For 2022, UBS reported a net profit of $7.6 billion and strong inflows in wealth management, the company's flagship division.</p>.<p>Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths.</p>.<p>It has already taken the first steps. Last week UBS announced it had rehired <a href="https://www.deccanherald.com/business/business-news/sergio-ermotti-george-clooney-of-swiss-banking-back-as-ubs-boss-1206244.html" target="_blank">Sergio Ermotti</a> as chief executive to steer the massive takeover - a surprise move to take advantage of the Swiss banker's experience rebuilding the bank after the global financial crisis.</p>.<p>Wednesday marks Ermotti's first official day back in the job, but he is not expected to attend.</p>.<p>Instead, outgoing Chief Executive Ralph Hamers, who has led the bank for less than three years, will take the stage alongside Chairman Colm Kelleher.</p>.<p>The bank's annual general meeting comes a day after executives at Credit Suisse faced their own shareholders and Chairman Axel Lehmann apologised for leading the bank to the verge of bankruptcy.</p>
<p>UBS will seek to reassure shareholders on Wednesday that its unexpected takeover of rival <a href="https://www.deccanherald.com/business/business-news/ubs-takes-over-credit-suisse-in-move-to-calm-the-markets-1201731.html" target="_blank">Credit Suisse</a> in the biggest bank rescue since the great financial crash can work.</p>.<p>Last month, Swiss authorities announced that UBS would buy Credit Suisse in a shotgun merger to stem further banking turmoil after the smaller lender had come to the brink of collapse.</p>.<p>After a run on deposits, the Swiss government had turned to UBS, which agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), while the Alpine state put up more than 200 billion francs of support and guarantees.</p>.<p><strong>Read | <a href="https://www.deccanherald.com/business/business-news/i-am-truly-sorry-credit-suisse-chairman-1206559.html" target="_blank">'I am truly sorry': Credit Suisse chairman</a></strong></p>.<p>The move angered not only shareholders but many in Switzerland. A survey by political research firm gfs.bern found a majority of Swiss did not support the deal.</p>.<p>Shareholders of Switzerland's largest bank will have the chance to air their views on Wednesday, although they may be wary about rocking a boat that had been on a steady course.</p>.<p>For 2022, UBS reported a net profit of $7.6 billion and strong inflows in wealth management, the company's flagship division.</p>.<p>Now, the bank is looking at how to navigate the mammoth task of integrating Credit Suisse, the success of which Switzerland depends on, without undermining its strengths.</p>.<p>It has already taken the first steps. Last week UBS announced it had rehired <a href="https://www.deccanherald.com/business/business-news/sergio-ermotti-george-clooney-of-swiss-banking-back-as-ubs-boss-1206244.html" target="_blank">Sergio Ermotti</a> as chief executive to steer the massive takeover - a surprise move to take advantage of the Swiss banker's experience rebuilding the bank after the global financial crisis.</p>.<p>Wednesday marks Ermotti's first official day back in the job, but he is not expected to attend.</p>.<p>Instead, outgoing Chief Executive Ralph Hamers, who has led the bank for less than three years, will take the stage alongside Chairman Colm Kelleher.</p>.<p>The bank's annual general meeting comes a day after executives at Credit Suisse faced their own shareholders and Chairman Axel Lehmann apologised for leading the bank to the verge of bankruptcy.</p>