UBS completes Swiss mega-merger, gains clout as global wealth player (updated)

Credit Suisse AG

12/06/2023 06:11

(Adds quote from open letter)
       ZURICH, June 12 (Reuters) - UBS  UBSG.S  on Monday said
it completed its emergency takeover of embattled local rival
Credit Suisse  CSGN.S , creating a giant Swiss bank with a
balance sheet of $1.6 trillion and greater muscle in wealth
management.
    Commenting on the biggest banking deal since the 2008 global
financial crisis, UBS CEO Sergio Ermotti and Chairman Colm
Kelleher said "this is the start of a new chapter" in an open
letter published in Swiss newspapers. 
    The group will oversee $5 trillion of assets giving UBS, the
world's largest wealth manager, a leading position in key
markets it would otherwise have needed years to grow in size and
reach. The merger also brings to an end Credit Suisse's 167-year
history, marred in recent years by scandals and losses. 
   The two banks jointly employ 120,000 worldwide, although UBS
has already said it will be cutting jobs to take advantage of
synergies and reduce costs.

 (Reporting by Noele Illien; Editing by Miranda Murray and
Edwina Gibbs)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))