ZURICH: UBS is set to finalise the takeover of Credit Suisse on Monday (Jun 12), but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.
, but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.
Switzerland's largest bank must already have an idea of what bits of Credit Suisse it wants to keep, close or sell, but"so far they were limited in what they could do", he said.A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had. But the collapse of three US regional lenders in March left Credit Suisse looking vulnerable, and its share price plunged more than 30 per cent during trading on Mar 15.
The deal includes guarantees for UBS in case there are any nasty surprises in the Credit Suisse cupboards. Venditti said the picture should be clearer once second-quarter financial results come out. UBS has pushed back the publication date by more than a month to Aug 31. She also highlighted the need for"creating a new bank culture" in the merged institution, referring to the string of scandals that tarnished the Credit Suisse brand.
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