UBS says to complete Credit Suisse takeover on 12 June
Swiss banking giant UBS is set to finalize its acquisition of troubled domestic rival Credit Suisse by 12 June, according to both banks. The completion date is slightly later than previously anticipated.
UBS agreed to purchase Credit Suisse for three billion Swiss francs (US$3.25 billion) under government pressure to prevent its collapse. Upon completion,
Credit Suisse shares and American Depositary Shares will be delisted, creating a superbank overseeing US$5 trillion of invested assets, according to UBS CEO Sergio Ermotti.