UBS completes acquisition of Credit Suisse to create Swiss Titan bank
The absorption of Credit Suisse ends the lender's 167-year independent existence
UBS Group AG has finalised the deal to acquire former competitor Credit Suisse Group AG, marking the largest merger in the banking sector since the financial crisis of 2008 and creating a global titan in the field of wealth management.
This is reported by Bloomberg.
According to the publication, the announcement caps more than two months of uncertainty for employees after UBS finalized negotiations with the Swiss government over a 9 billion Swiss franc ($10 billion) guarantee against potential losses on Credit Suisse assets.
This agreement allows UBS to make an unexpected profit of tens of billions of dollars and begins a period of complex integration that is likely to result in thousands of job cuts, Bloomberg notes.
Recall that UBS agreed to absorb Credit Suisse in March during a fire sale organised by the government, after a crisis of confidence and client exodus drove the bank to bankruptcy.
Background. Earlier, Mind reported that UBS and the Swiss government signed an agreement to cover $10 billion in losses from the emergency acquisition of Credit Suisse.
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