Credit Suisse management addressed angry shareholders for the first time after the lender's controversial takeover by UBS during its annual meeting.

Share Market Live

NSE

Chairman Axel Lehmann told shareholders that he is "truly sorry" for the collapse that led to the bank's takeover.

“It is a sad day for you and for us too. I can understand the bitterness, the anger and the shock of all those who are disappointed, overwhelmed and affected by the developments,” Lehmann said.

Protesters and shareholders began arriving in droves, hoping for answers and accountability following the demise of the 167-year-old Swiss institution. Swiss authorities brokered an emergency rescue of the stricken bank by its larger domestic rival for just 3 billion Swiss francs, over the course of a weekend in late March.

However, the deal remains mired in legal and logistical challenges. Neither UBS nor Credit Suisse shareholders were allowed a vote on the deal.

Commentators have highlighted the importance of the deal’s success for Swiss authorities against a febrile political backdrop. The lack of input from shareholders, bondholders and Swiss taxpayers in UBS’ acquisition of its embattled rival has sparked widespread anger.

Holders of Credit Suisse’s AT1 bond instruments, which were subject to a $17 billion wipeout as part of the UBS takeover, last week instructed a global law firm to pursue discussion and possible litigation with Swiss authorities.

Norway’s sovereign wealth fund, Norges Bank Investment Management, has already announced that it will vote against the re-election of Lehmann and six other board members.

UBS will hold its own AGM on Wednesday, with further clarity expected on plans for the new integrated lender. Swiss regulator FINMA will also hold a press conference on Wednesday.

Swiss newspaper Tages-Anzeiger reported Sunday, citing one source, that plans for the new entity include a 20-30 percent cut to its combined global workforce.