UBS: takeover of Credit Suisse to close as early as June 12

Credit Suisse AG

05/06/2023 05:46

ZURICH, June 5 (Reuters) - UBS  UBSG.S  said on Monday
it will complete its takeover of Credit Suisse  CSGN.S  "as
early as June 12",  creating a giant Swiss bank with a balance
sheet of $1.6 trillion following a government-backed rescue
earlier this year.
    "UBS expects to complete the acquisition of Credit Suisse as
early as 12 June 2023. At that time, Credit Suisse Group AG will
be merged into UBS Group AG," UBS said in a statement.
     Completion is subject to the registration statement, which
covers shares to be delivered, being declared effective by the
US Securities and Exchange Commission, and to satisfaction, or
waiver by UBS, of other remaining closing conditions, it added.
    Switzerland's no. 1 bank agreed on March 19 to pay 3 billion
Swiss francs ($3.37 billion)and assume up to 5 billion francs in
losses for its smaller Swiss rival after a collapse in customer
confidence brought it to the brink of collapse, prompting the
Swiss authorities to act to stave off a broader banking crisis. 


($1 = 0.8889 Swiss francs)

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