(News Bulletin 247) – UBS announced on Monday that it has finalized the acquisition of Credit Suisse, less than three months after formalizing the unexpected merger project with its great rival.
If the two banking groups are now called upon to operate under the same banner, the operation provides that UBS Group initially oversees two separate entities: UBS on the one hand and Credit Suisse on the other.
In the meantime, each of these two divisions will continue to operate their own subsidiaries and serve their own customers.
Under the terms of the emergency order unveiled on March 19, Credit Suisse shareholders will receive one UBS share for every 22.48 shares held.
In its statement, UBS said it expects to maintain a CET1 capital ratio of around 14% this year, despite the impact of the acquisition.
The Swiss establishment also provides that the “significant” losses and restructuring charges suffered by Credit Suisse will be absorbed by the gradual reduction of risk-weighted assets (RWA).
For its last day of trading, Credit Suisse shares rose 1% on Monday morning in Zurich, which does not eclipse its 70% drop since the start of the year.
The title UBS advance, him, about 0.9%.
Copyright (c) 2023 News Bulletin 247. All rights reserved.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
