UBS officially acquires rival Credit Suisse

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UBS officially acquires rival Credit Suisse

[12/06/2023 08:38]

BERN-SABA
Swiss bank UBS announced Monday that it has formally completed its takeover of rival Credit Suisse in a $3.2 billion deal in March.

Newly enlarged UBS will have a balance sheet of $1.6 trillion and 120,000 staffs worldwide, yet UBS has already said it would cut jobs to take advantage of the synergies and cut costs

Swiss regulators played a key role in the takeover amid concerns that massive losses at Credit Suisse would destabilize the banking system.

The organizers said they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurred the first 5 billion Swiss francs as part of the deal.