2023-06-05 06:57:00
© Archyde.com. The UBS bank logo at its headquarters in Zurich on October 25, 2022. Photo: Arend Wegmann/Archyde.com.
ZURICH (Archyde.com) – UBS said on Monday it would complete the acquisition of Credit Suisse “as soon as possibly June 12”, creating a major Swiss bank with $1.6 trillion in assets after a state-backed bailout. earlier this year.
“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,” the bank said in a statement.
He added that the completion of the acquisition depends on the disclosure statement dealing with the shares to be transferred, which the US Securities and Exchange Commission will announce the entry into force, and he will 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 pushed the bank to the brink. The cliff prompted the Swiss authorities to act to avert a wider banking crisis.
( = 0.8889 Swiss francs)
(Prepared by Amira Zahran for the Arabic Bulletin – Edited by Mahmoud Reda Murad)
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