The Swiss industry is heading into a confrontation with UBS. «We are disappointed with the bank,» said Martin Hirzel, President of the Swissmem industrial association, in an interview with «NZZ am Sonntag» (paywall). UBS leadership had consistently assured its support for the Swiss economy.

However, a recent Swissmem survey paints a different picture: 23 percent of companies reported that UBS’s conditions had worsened since the takeover of Credit Suisse. This is more than double the percentage from the previous survey a year ago. «We fear this trend will continue, as many companies are still due to renegotiate their loans,» Hirzel added.

A case for the price regulator

UBS responded by denying any widening of margins. «The adjustment of credit conditions reflects the significant changes in the economic environment,» said a UBS spokesperson, referring to the interest rate hikes since the Credit Suisse acquisition.

The case has now been taken up by the price regulator, Stefan Meierhans, who is investigating whether UBS has engaged in «abusive pricing practices.» Concern is also growing among conservative politicians. «The collapse of Credit Suisse is a disgrace. If some companies now have to pay more due to UBS’s near-monopoly status, that’s not good,» said Olivier Feller, a National Council member from the Vaud FDP.

Thurgau SVP National Council member Diana Gutjahr added that UBS's price hikes have a bitter aftertaste, especially given the state guarantees provided during the merger. «It’s understandable that people are upset about companies having to shoulder higher costs,» she said.