ZURICH: UBS said on Monday (Jun 5) it expected to complete its takeover of Credit Suisse 'as early as Jun 12', creating a giant Swiss bank with a balance sheet of US$1.6 trillion following a government-backed rescue earlier this year. Completion is subject to the registration statement, which covers shares
ZURICH: UBS said on Monday it expected to complete its takeover of Credit Suisse"as early as Jun 12", creating a giant Swiss bank with a balance sheet of US$1.6 trillion following a government-backed rescue earlier this year.
"UBS expects to complete the acquisition of Credit Suisse as early as Jun 12. At that time, Credit Suisse Group AG will be merged into UBS Group AG," UBS said in a statement. Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held. The mega-bank will employ 120,000 worldwide, although it has already announced it will be cutting jobs to take advantage of synergies and reduce costs.
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