UBS expects to complete its takeover of Credit Suisse '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.
"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. brought it to the brink of collapse, prompting the Swiss authorities to act to stave off a broader banking crisis.The bank had aimed to finalise the biggest bank deal since the global financial crisis by late May or early June. However, last month it said itwith Swiss authorities over loss protections and capital requirements, suggesting those needed time to be ironed out.
The deal will create a group overseeing $5 trillion of assets, giving UBS overnight a leading position in key markets it would otherwise need years to grow in size and reach.The mega-bank will employ 120,000 worldwide, although it has already announced it will be cutting jobs to take advantage of synergies and reduce costs.
"We have to be also clear ... this is an acquisition not a merger," UBS CEO Sergio Ermotti told a financial conferenceSwitzerland's biggest lender is considering delaying its quarterly results until the end of August as it deals with complexities arising from the takeover, the Financial TimesA question mark remains over what UBS will do with the Swiss retail bank of Credit Suisse, long seen as the group's "crown jewel.
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