UBS completes takeover of Credit Suisse

Switzerland’s largest bank, UBS, announced that it has completed the process of acquiring its rival Credit Suisse with state aid.

UBS Chairman Colm Kelleher and Chief Executive Officer (CEO) Sergio Ermotti have published an open letter in Swiss newspapers informing that the takeover of Credit Suisse has been completed.

In the letter, “This; UBS marks the beginning of a new era for Switzerland as a financial center and for the global financial sector. “We have no doubts that the takeover was successful.”

LOADS TO REDUCE COSTS

In the letter, it was noted that the acquisition will present challenges but present opportunities for Switzerland, customers, employees and shareholders.

Meanwhile, with the completion of the takeover, a Swiss bank with a balance sheet of $1.6 trillion has emerged.

UBS and Credit Suisse World While the total number of employees across the world reached 120,000, UBS announced that it would make layoffs to reduce costs.

UBS was aiming to complete its largest bank purchase deal since the global financial crisis in 2008 by the end of May or early June.

USAAfter the banking crisis that started in March, there was a Credit Suisse panic in Europe. The developments after the Saudi National Bank, the biggest partner of Credit Suisse bank, announced that it would not increase its capital, dragged the bank to the brink of bankruptcy.

Switzerland’s largest bank, UBS, announced that it would buy 167-year-old Credit Suisse for 3 billion francs, with the government’s liquidity support of 200 billion francs. (AA)