BRIEF-UBS CEO SAYS REAL CHALLENGE IS RUNDOWN OF CREDIT SUISSE INVESTMENT BANKING ACTIVITIES

Credit Suisse Group AG: * UBS CHAIRMAN SAYS COMPANY WILL SUSPEND SHARE BUYBACKS

* UBS SAYS WE DID NOT INITIATE DISCUSSIONS * UBS SAYS STRATEGY UNCHANGED IN US AND APAC

* UBS CHAIRMAN SAYS WE BELIEVE THAT THIS TRANSACTION IS FINANCIALLY ATTRACTIVE FOR UBS SHAREHOLDERS, * UBS WILL DERISK AND DOWNSIZE CREDIT SUISSE INVESTMENT BANKING OPERATIONS

* UBS SAYS WE INTEND TO DERISK AND DOWNSIZE CREDIT SUISSE TRADING OPERATIONS * UBS SAYS WE PLAN TO CLOSE THE DEAL AS SOON AS POSSIBLE

* UBS SAYS 8 BILLION RUN RATE COST REDUCTION BY 2027 * UBS CEO SAYS SEE VALUE IN BANKING SIDE OF COMBINED ENTITY

* UBS CEO SAYS AT1 IS A FINMA DECISION * UBS CEO SAYS AT1 DECISION DOESN'T CREATE A LIABILITY FOR US

* UBS HAS REVIEWED CREDIT SUISSE PORTFOLIO AND TAKEN SOME MARKS * UBS SAYS WE WILL BE VERY FAST WITH RUNDOWN OF UNWANTED POSITIONS

* UBS CEO SAYS THERE IS A MATERIAL ADVERSE CHANGE CLAUSE ON CREDIT SUISSE DEAL * UBS CEO SAYS THE DEAL HAS BEEN DONE WITH STRONG LEGAL ADVICE AND SPECIFIC EMERGENCY ORDINANCES

* UBS CEO SAYS CREDIT SUISSE IS 'QUITE COMPLEMENTARY' ON WEALTH IN SOUTHEAST ASIA * UBS CEO SAYS REAL CHALLENGE IS RUNDOWN OF CREDIT SUISSE INVESTMENT BANKING ACTIVITIES

* UBS CFO SAYS CET1 TARGET REMAINS THE SAME Source text for Eikon: Further company coverage: