UBS's Dargan and Credit Suisse's McDonagh to lead merger -newspaper

TX AG

25/03/2023 10:59

ZURICH, March 25 (Reuters) - The integration team tasked
with merging Switzerland's two largest banks is to be headed by
UBS's  UBSG.S  chief technology officer and Credit Suisse's
 CSGN.S  chief operating officer, the Tages-Anzeiger newspaper
reported on Saturday.
    Mike Dargan, who has been with UBS for 7 years, and
Francesca McDonagh, who joined Credit Suisse last September,
will be tasked with unifying the two banks.
    It is unclear when the merger will be completed.
    UBS has agreed to buy Credit Suisse for 3 billion Swiss
francs ($3.26 billion) in stock and to assume up to 5 billion
francs ($5.44 billion) in losses, in a merger engineered by
Swiss authorities.
    ($1 = 0.9199 Swiss francs)

 (Reporting by Noele Illien; editing by Jason Neely)
 ((Noele.Illien@thomsonreuters.com; +41 41 528 39 73;))