ZURICH (Reuters) – UBS said on Monday it hoped to complete the takeover of Credit Suisse “as soon as June 12”, creating a banking giant with a balance sheet of 1.6 trillion dollars (1.5 trillion euros) at the end of its a government-backed bailout earlier this year.
UBS gained 0.39% at the opening of the Zurich Stock Exchange after this announcement. Credit Suisse took 0.80%.
“UBS expects to complete the acquisition of Credit Suisse as early as June 12, 2023. At that time, Credit Suisse Group AG will be integrated into UBS Group AG,” UBS said in a statement.
Completion of the transaction is subject to approval of the registration statement by the U.S. Securities and Exchange Commission (SEC), as well as other remaining closing conditions, the statement said.
Once the transaction is completed, the shares and American Depositary Shares (ADS) of Credit Suisse will be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE), UBS added.
SIX said in a separate statement that Credit Suisse shares would be delisted on June 13 at the earliest.
(Report John Revill and Noele Illien, Augustin Turpin, edited by Tangi Salaün and Blandine Hénault)
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