UBS will complete the takeover of Credit Suisse on June 12

Switzerland’s largest bank, UBS, announced that it will complete its state-aided acquisition of rival Credit Suisse on June 12.

Switzerland’s largest bank, UBS, announced that it will complete its state-aided acquisition of rival Credit Suisse on June 12.

In the statement made by UBS, the completion of the takeover of Credit Suisse USA It was reminded that the Securities and Exchange Commission (SEC) is subject to the conditions of the share registration statement.

“UBS expects to complete the acquisition of Credit Suisse as early as June 12, 2023. At that time, Credit Suisse Group AG will be merged with UBS Group AG.” statement was included.

WHAT HAPPENED?

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

As part of UBS’s takeover of all shares of Credit Suisse, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they hold.

After the banking crisis that started in the USA 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 they would not increase their 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)

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