By Adria Calatayud

Switzerland's financial regulator closed an in-depth investigation into UBS Group's takeover of former cross-town rival Credit Suisse, saying the deal won't eliminate effective competition.

The regulator, known as Finma, said Wednesday that it decided not to impose any conditions or obligations at the end of an extensive review.

While UBS was able to strengthen its position in certain market segments, the deal didn't eliminate effective competition and the requirements for intervention weren't met, the regulator said.

Finma gave approval for the acquisition in advance in March 2023, when Swiss authorities backed UBS's rescue deal after Credit Suisse customers, investors and policymakers lost faith in the bank in the wake of the banking crisis last spring.

Write to Adria Calatayud at

(END) Dow Jones Newswires

06-19-24 0458ET