Home » World » UBS to Acquire Credit Suisse in Record Time, Creating a $5 Trillion Banking Giant

UBS to Acquire Credit Suisse in Record Time, Creating a $5 Trillion Banking Giant

“UBS plans to conclude the process of taking over Credit Suisse as early as June 12. At this time, Credit Suisse Group AG will be merged into UBS Group AG,” UBS said in a statement.

After the deal closes, Credit Suisse and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange and the New York Stock Exchange. In a separate statement, SIX announced that Credit Suisse shares will be delisted no earlier than June 13.

Upon completion of the transition process, all Credit Suisse shareholders are expected to receive one UBS share for every 22.48 Credit Suisse shares. The big deal to merge Swiss banks is the biggest since the financial crisis. The combined bank is expected to control more than five trillion in assets, which will allow UBS to consolidate its leadership in key markets.

The combined bank will have more than 120,000 employees worldwide, although it has previously been announced that job cuts will follow at some point to cut costs. UBS wants to close the Credit Suisse takeover deal in record time to ensure confidence for both the bank’s customers and employees.

2023-06-05 12:04:00
#Historic #deal #nearing #finish #line #UBS #hopes #close #takeover #Credit #Suisse

Leave a Comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.