UBS Group AG expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG , the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival.
The bank also said it might book restructuring provisions after that, but offered no numbers.
UBS agreed in March to buy Credit Suisse for 3 billion Swiss francs in stock and to assume up to 5 billion francs in losses that would stem from winding down part of the business, in aThe deal, the first rescue of a global bank since the 2008 financial crisis, will create a wealth manager with more than $5 trillion in invested assets and over 120,000 employees globally.
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