To create a Swiss bank with assets of $ 1.6 trillion .. “UBS ‎completes acquisition of Credit Suisse

UBS said on Monday it would complete the acquisition of Credit Suisse “as soon as it could be June 12”, creating a large Swiss bank with $1.6 trillion in assets after a government-backed bailout earlier this year.

According to “Reuters”, the bank added in a statement, “UBS expects to complete the acquisition of Credit Suisse as soon as June 12, 2023, by this time, Credit Suisse Group AG will merge into the UBS group.”

He added that the completion of the acquisition depends on the disclosure statement that deals with the shares that will be transferred, which the US Securities and Exchange Commission will announce its entry into force, and will also need UBS approval of the remaining terms to complete the deal.

Switzerland’s largest bank, UBS, agreed on March 19 to buy its smaller rival for 3 billion Swiss francs ($3.37 billion) and take up to 5 billion francs in losses after a collapse in customer confidence in Credit Suisse. The bank was brought to the brink of the abyss and prompted the Swiss authorities to act to avert a wider banking crisis