UBS CEO signals takeover of Credit Suisse could be completed by Monday

UBS Chief Executive Sergio Ermotti hinted on Friday his bank's takeover of Credit Suisse will close on Monday, the earliest expected date. "From Monday we will be new colleagues," Ermotti told the Swiss Economic Forum in Interlaken.

Reuters | Geneva | Updated: 09-06-2023 16:21 IST | Created: 09-06-2023 16:05 IST

UBS CEO signals takeover of Credit Suisse could be completed by Monday — Sergio Ermotti Image Credit: Wikipedia

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Switzerland

UBS Chief Executive Sergio Ermotti hinted on Friday his bank's takeover of Credit Suisse will close on Monday, the earliest expected date.

"From Monday we will be new colleagues," Ermotti told the Swiss Economic Forum in Interlaken. "We will together define what the correct culture is for the company and everyone."

UBS said early this week that it expected to complete the deal as early as June 12. Earlier on Friday UBS and the Swiss government announced an agreement to cover up to 9 billion Swiss francs ($10.00 billion) in losses from its emergency takeover of Credit Suisse, clearing one of the last hurdles before the deal could get finalised.

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