UBS has completed its takeover of embattled rival Credit Suisse, three months after the Swiss government arranged a rescue deal to merge the country’s two largest banks to safeguard its reputation as a global financial center and ward off market turmoil.
FILE - A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland, March 19, 2023. UBS says it has completed its takeover of embattled rival Credit Suisse. The announcement comes nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks.
FILE - A traffic light signals green in front of the logos of the Swiss banks Credit Suisse and UBS in Zurich, Switzerland, March 19, 2023. UBS says it has completed its takeover of embattled rival Credit Suisse. The announcement comes nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks.
BERLIN — UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguardA statement from the bank said that “UBS has completed the acquisition of Credit Suisse today, crossing an important milestone.” as early as Monday — which will be the last trading day for Credit Suisse shares on the Swiss stock exchange.
It’s a pivotal moment for the two Zurich-based rivals, whose combination has raised concerns about thousands of expected job losses, drawn rebukes and lawsuits over the terms of the deal, and stirred fears about the impact of creating a Swiss megabank that would be too big to fail.
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