2023-06-10 17:38:28
This merger will create a banking colossus at the head of 5000 billion dollars (4673 billion euros) of invested assets.
Credit Suisse’s merger with UBS will be finalized on Monday, June 12. The announcement was made by Credit Suisse boss Ulrich Koerner to employees of the Swiss bank, confirming that made by the two groups last Monday. “As Monday brings this chapter of our history to an end, it is also the start of a new and exciting future.did he declare in a memo distributed to employees on Friday and relayed by Bloomberg. Monday will be a historic day for our bank and a pivotal moment for UBS, Switzerland and the entire financial services industry..»
Ulrich Koerner acknowledges, in this memo, that the merger raises many questions about how this agreement will affect the future of Credit Suisse employees. “Monday’s legal close is the next big step as we work to get you the answers you need as quickly as possible.“Explains the leader of Credit Suisse.
5 trillion dollars in invested assets
This merger will lead to the delisting of Credit Suisse shares from the stock market. If the operation is finalized before the opening of Wall Street on June 12, the withdrawal of Credit Suisse shares from the New York Stock Exchange will take place on June 12 and on June 13 on the Swiss Stock Exchange. In the event that the announcement is made after the opening of Wall Street, the withdrawal will take place on June 13 on both stock exchanges.
On March 19, UBS agreed to buy Credit Suisse under pressure from the Swiss authorities for 3 billion Swiss francs (3 billion euros) in order to avoid its bankruptcy. This merger will create a banking colossus at the head of 5000 billion dollars (4673 billion euros) of invested assets. The size of the bank that will emerge from this merger raises serious concerns in Switzerland, both for employment and competition, as well as for its weight in relation to the size of the Swiss economy.
#merger #UBS #Credit #Suisse #finalized #Monday