Credit Suisse CEO memo signals UBS deal to close Monday - Bloomberg (updated)

Credit Suisse AG

10/06/2023 16:35

(Adds detail, background on negotiation with Swiss government)
       June 10 (Reuters) - Credit Suisse Group AG  CSGN.S 
Chief Executive Ulrich Koerner has indicated that the emergency
takeover of the bank by UBS AG  UBSG.S  will close on Monday,
Bloomberg News reported on Saturday, citing an internal memo. 
    "While Monday brings to an end this chapter in our history,
it is also the beginning of a new and exciting future," Koerner
said in a memo to employees. "Monday's legal close is the next
important step as we work to get you the answers you need as
quickly as possible." 
     On Friday, UBS Chief Executive Sergio Ermotti hinted the
takeover of Credit Suisse would close on Monday, the earliest
expected date.
    Earlier on Friday, the Swiss government agreed with UBS to
guarantee up to 9 billion Swiss francs ($9.96 billion) of losses
the bank may incur from the sale of its rival's assets beyond 5
billion francs the lender is due to cover itself.
    Credit Suisse and UBS did not immediately respond to a
Reuters request for comment.     

($1 = 0.9038 Swiss francs)

 (Reporting by Urvi Dugar in Bengaluru; Editing by Andrew
Cawthorne and Mike Harrison)
 ((UrviManoj.Dugar@thomsonreuters.com;))