The Strategist

UBS expects to complete takeover of Credit Suisse by summer

05/04/2023 - 10:02

According to UBS CEO Sergio Ermotti, Switzerland's largest bank UBS anticipates completing its acquisition of Credit Suisse by late May or early June.

Credit Suisse's stock price on the stock exchange fell by a quarter in a single day in the middle of March. The bank's demise was feared by many as a result of an American bankruptcy wave. The largest bank in Switzerland, UBS, later announced plans to acquire Credit Suisse for 3 billion Swiss francs ($3.2 billion).

UBS hopes to finish buying Credit Suisse by the end of May or the beginning of June. According to UBS CEO Sergio Ermotti, it is still awaiting permission from regulatory bodies in the US, the EU, and others.

The CEO of UBS also said that job cuts will be inevitable as a result of the two banks' merger, but he added that the bank has a "generous social plan" in place just in case.