Multinational Investment bank UBS on Monday has said that it will complete the takeover of Credit Suisse as early as 12th June, reported Reuters. The merger would create a giant balance sheet of $1.6 trillion and will oversee assets worth around $5 trillion.
“UBS expects to complete the acquisition of Credit Suisse by as early as 12 June 2023. At that time, Credit Suisse AG will be merged into UBS Group AG”, said UBS in a statement that was accessed by Reuters. The biggest bank in Switzerland further added that Credit Suisse Shares and American Depository Shares would be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE).
After the merger is completed, Credit Suisse shareholders will get one UBS share for every 22.48 shares they held. UBS CEO Sergio Ermotti on Friday had warned of job cuts after the Credit Suisse takeover. However, as per Business Today, the bank is also looking to retain over 100 Credit Suisse Group investment bankers across Asia and employ around 1,20,000 people worldwide.
In a deal orchestrated by regulators, banking giant UBS is taking over Credit Suisse for almost $3.25 billion. Swiss authorities pushed for UBS to take over its smaller rival after a plan for Credit Suisse to borrow up to 50 billion francs ($54 billion) failed to reassure investors and the bank's customers.