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Switzerland's financial regulator ruled on Wednesday that the UBS takeover of Credit Suisse did not create any competition concerns, despite recommendations from the country's antitrust watchdog that it merited further scrutiny.
Swiss banking giant UBS on Wednesday smashed net profit expectations for the second quarter, amid cost-cutting steps and swelling revenue at the lender's global wealth management and investment bank units.
UBS on Tuesday reported a swing back to profit after two quarterly losses as it smashed first-quarter expectations, with results bolstered by higher wealth management revenues.
The mammoth integration of failed bank Credit Suisse into its former rival UBS will act as a "case study," UBS CEO Sergio Ermotti said Friday, one that will show that big bank mergers should be allowed.
This is CNBC's live blog covering European markets.