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UBS says it has completed its takeover of Credit Suisse




  • UBS has completed the legal takeover of its former Swiss rival Credit Suisse.
  • The $3.2 billion deal was agreed in March amid concerns about Credit Suisse losses destabilizing the banking system.
  • The enlarged UBS will have a balance sheet of $1.6 trillion and a workforce of 120,000.

UBS expects to complete its takeover of Credit Suisse “as early as June 12,” which would create a giant Swiss bank with a $1.6 trillion balance sheet.

Fabrice Coffrini | Afp | Getty Images

Swiss bank UBS said on Monday it had formally completed its takeover of rival Credit Suisse.

In an open letter, UBS chairman Colm Kelleher and recently returned CEO Sergio Ermotti said: “We will bring together the collective expertise, scale and wealth management leadership of both UBS and Credit Suisse to create an even stronger combined firm.”

The letter continues that there will be “challenges” as well as “great opportunities,” as the bank commits to “never compromise UBS’s strong culture, conservative risk approach or quality service.”

UBS agreed to the $3.2 billion deal in March, with Swiss regulators playing a key role in the acquisition amid concerns that severe losses at Credit Suisse would destabilize the banking system.

The enlarged UBS will have a balance sheet of $1.6 trillion and a workforce of 120,000.

Regulators said on Friday they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurs the first 5 billion Swiss francs as part of the transaction, as it absorbs a portfolio that does not quite “fit its business and risk profile.”

Following the merger, Credit Suisse and its US depository shares will be delisted from the SIX Swiss Exchange and the New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares.

The takeover, which follows several scandals and years of falling stock prices at Credit Suisse, controversially wiped out the 16 billion Swiss francs ($17 billion) in assets of the bank’s AT1 bondholders.



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