UBS: takeover of Credit Suisse to close as early as June 12

UBS said on Monday it will complete its takeover of Credit Suisse "as early as June 12", creating a giant Swiss bank with a balance sheet of $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.

UBS said on Monday it will complete its takeover of Credit Suisse "as early as June 12", creating a giant Swiss bank with a balance sheet of $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," UBS said in a statement.

Completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and to satisfaction, or waiver by UBS, of other remaining closing conditions, it added. Switzerland's no. 1 bank agreed on March 19 to pay 3 billion Swiss francs ($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. ($1 = 0.8889 Swiss francs)