UBS of Switzerland claims that the acquisition of Credit Suisse might happen on June 12th
UBS of Switzerland said on Monday that it might finalise the acquisition of longstanding competitor Credit Suisse as soon as next week.
Longtime competitors, the two Zurich-based banks are coming together in a transaction worth 3 billion Swiss francs ($3.3 billion), which was swiftly brokered in March by regulators and the Swiss government after Credit Suisse’s shares fell and nervous depositors immediately withdrew their funds.
After two U.S. banks failed, the merger was made in an effort to restore stability to the world financial system. UBS will remain the only banking tycoon in Switzerland after the acquisition.
UBS said on Monday that it hopes to complete the purchase as early as June 12.
“Completion is subject to the U.S. Securities and Exchange Commission declaring the registration statement, which covers shares to be delivered, effective, and to satisfaction, or waiver by UBS, of other remaining closing conditions,” UBS said in a statement.
The 167-year-old Credit Suisse’s image has suffered recently as a result of stock price falls, a spate of scandals, and the exodus of clients concerned about the bank’s future.
