UBS said on Monday it had completed its takeover of Credit Suisse AG, ending months of collapses of one of Switzerland’s largest financial institutions.
UBS Group ( UBS ) said on Monday it had completed its takeover of Credit Suisse AG ( CSGN.EB ), ending months of collapses of one of Switzerland’s largest financial institutions.
The bank announced the acquisition in an open letter to German-language Swiss daily NZZ and other international publications, describing the deal as “opening a new chapter in history”.
UBS agreed to buy the rival for the originally announced 3 billion Swiss francs ($3.3 billion) after Credit Suisse was unable to prevent high-net-worth clients from pulling their money.
UBS said on Friday it had signed a loss protection agreement with the Swiss government that would cover losses of up to 9 billion Swiss francs ($10 billion) should the Credit Suisse takeover be completed.
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UBS Group ( UBS ) said on Monday it had completed its takeover of Credit Suisse AG ( CSGN.EB ), ending months of collapses of one of Switzerland’s largest financial institutions.
The bank announced the acquisition in an open letter to German-language Swiss daily NZZ and other international publications, describing the deal as “opening a new chapter in history”.
UBS agreed to buy the rival for the originally announced 3 billion Swiss francs ($3.3 billion) after Credit Suisse was unable to prevent high-net-worth clients from pulling their money.
UBS said on Friday it had signed a loss protection agreement with the Swiss government that would cover losses of up to 9 billion Swiss francs ($10 billion) should the Credit Suisse takeover be completed.
(This article is translated from MarketWatch. MarketWatch is operated by Dow Jones, the parent company of The Wall Street Journal, but MarketWatch is independent of Dow Jones Newswires and The Wall Street Journal.)
2023-06-12 06:40:00
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