Credit Suisse shares close slightly higher on final trading day

Credit Suisse AG

12/06/2023 16:30

ZURICH, June 12 (Reuters) - Credit Suisse  CSGN.S 
shares closed 1% higher at 0.81 Swiss francs ($0.89) on Monday,
their last trading day after the stricken bank's takeover by
Swiss rival UBS  UBSG.S .
    Under the terms of the 3 billion franc all-share
transaction, Credit Suisse shareholders will receive 1 UBS share
for every 22.48 Credit Suisse shares they held.
    Credit Suisse shares have lost 86% in value over the last 12
months after the lender was hit was a collapse in customer
confidence, necessitating a state-orchestrated rescue by its
larger Swiss peer.
    The final price underlines a massive collapse in value at
Credit Suisse. In 2007 its shares had traded at 81 francs, 100
times their final price.
    The bank, which was founded in 1856, played a central role
in the history and development of Switzerland, after it was set
up to finance the country's railways, will now be merged into
UBS Group.

($1 = 0.9096 Swiss francs)

 (Reporting by John Revill; Editing by Toby Chopra)
 ((John.Revill@thomsonreuters.com; +41 41 528 36 37; Reuters
Messaging: john.revill.thomsonreuters.com@reuters.net))