The merger deal has had parts of it challenged by politicians and lawyers
The Financial Times reported today, Sunday, that UBS is considering delaying the announcement of second-quarter results for as long as possible, as the bank dealt with the financial and political complications arising from its acquisition of Credit Suisse in a bailout deal.
The bank is due to announce its results on July 25, but executives are considering delaying publication until the end of August, when they may also give investors an update on their plans for Credit Suisse’s domestic business, according to sources included in the Financial Times report, and seen by Al Arabiya. net”.
The Credit Suisse bailout, engineered by Swiss authorities in March, is expected to be the most complex bank merger since the financial crisis. Parts of the deal have already been challenged by politicians and lawyers.
UBS executives had hoped to complete the deal by the beginning of June – it has already been signed off by the EU competition authorities.
But details of the Swiss government support are not finalized yet, which means it won’t be completed until this week at the earliest, according to people involved in the planning.
Another complication for the UBS finance team is bringing together the accounting systems of the two banks, which each follow different standards. UBS follows International Financial Reporting Standards, while Credit Suisse uses Generally Accepted Accounting Principles, which are more common among US companies.
Under IFRS, companies are encouraged to publish their preliminary results no later than 60 days after the end of the reporting period.
The merger between the two banks drew criticism within Switzerland, and an opinion poll published shortly after the deal showed that three-quarters of voters wanted to split the huge bank.
2023-06-04 05:14:00
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