The takeover of Credit Suisse by UBS will create a banking giant unprecedented in the history of Switzerland, where banking is a core part of the national identity.
Here are the main points of the deal worth three billion Swiss francs , which concluded Sunday after intense negotiations involving the government, the financial regulators and the central bank.Credit Suisse, the country's second-largest bank, has been in turmoil for two years and was one of 30 global financial institutions considered too big to fail.
"It will also reinforce UBS's position as the leading universal bank in Switzerland and further extend our position as the most important Swiss global bank." The Competition Commission will also have no say in the exceptional merger between the country's two biggest banks."The merger is expected to be consummated by end of 2023 if possible," Credit Suisse said in a statement.AFP | Fabrice COFFRINI
"This will ensure protection for depositors as accounts, security accounts and other services will likewise remain accessible as usual," it said.UBS will take over the wealth management, asset management and Swiss domestic banking at Credit Suisse, which encompasses its retail banking and loans to small and medium enterprises.
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