UBS to complete Credit Suisse takeover bid on June 12

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

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

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

WHAT HAPPENED?

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

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

After the banking crisis that started in the US in March, there was a panic at Credit Suisse in Europe.

Events after the Saudi National Bank, the largest partner of Credit Suisse bank, announced that it would not raise its capital, dragged the bank to the brink of bankruptcy.

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