Swiss UBS Bank Expects to Seal Credit Suisse Takeover

Swiss UBS Bank expects to complete its takeover of Credit Suisse “as early as June 12”, which will create a giant Swiss bank with a balance sheet of USD 1.6 trillion following a government-backed rescue earlier this year.

UBS expects to complete the acquisition of Credit Suisse as early as 12 June, 2023. “At that time, Credit Suisse Group AG will be merged into UBS Group AG,” the Bank said in a statement.

The completion of the takeover to be an important step in initiating what we see as a protracted integration process and getting things done,” the statement added.

Switzerland’s no. 1 bank agreed on March 19 to pay 3 billion Swiss francs (USD 3.37 billion) and assume up to 5 billion francs in losses for its smaller Swiss rival after a collapse in customer confidence brought it to the brink of collapse, prompting the Swiss authorities to act to stave off a broader banking crisis.

Source: Qatar News Agency