ZURICH – UBS completed its takeover of Credit Suisse on Monday, reported German news agency dpa.
“UBS has completed the acquisition of Credit Suisse today, crossing an important milestone,” Swiss banking giant UBS said in an open letter published in several newspapers.
This is the “beginning of a new chapter of our joint journey,” for UBS, the Swiss financial centre, and the global financial industry, the bank said.
The bank will combine expertise, size, and leadership in wealth management to create an even stronger joint company, UBS said. The aim is to ensure stable conditions.
UBS also makes a promise in the announcement, saying, “Our top priority remains the same: to serve our clients with excellence.” The bank said it will focus on clients – individuals, entrepreneurs, and companies – and help them protect and build their wealth and achieve their goals.
Last week, UBS said it planned to complete the acquisition this Monday.
UBS and the Swiss government signed the necessary agreement on loss guarantees from the takeover on Friday.
Monday is also likely to be the last trading day for Credit Suisse shares on the Swiss stock exchange SIX.
UBS bought Credit Suisse in March for 3 billion Swiss francs (US$3.3 billion) in an emergency rescue deal that was supported by the Swiss National Bank with liquidity assistance of 100 billion francs to both lenders.
The takeover of Switzerland’s second-largest bank came after scandals, criticism of poor risk management, and money outflows in the hundreds of billions.
It was the most significant bank merger in Europe since the financial crisis 15 years ago.- Bernama
