UBS expects to seal Credit Suisse takeover as early as June 12
Timilehin Adejumobi
1 min read
UBS (UBSG.S) expects to complete its takeover of Credit Suisse (CSGN.S) “as early as June 12”, which will create a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.
The deal’s completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the U.S. Securities and Exchange Commission, and other remaining closing conditions, UBS said in a statement on Monday.
“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,” it said.
UBS shares were indicated 1.1% higher in premarket activity in Switzerland, while Credit Suisse shares were up 0.7%.
“We consider the completion of the takeover to be an important step in initiating what we see as a protracted integration process and getting things done,” said Zuercher Kantonalbank analyst Michael Klien.
“Although the risk profile of UBS has changed significantly, we see good opportunities for investors,” he added.
This report’s information was first seen on REUTERS; to read more, click this link.
