By John Ikani
UBS, the Swiss banking giant, and crisis-hit domestic rival Credit Suisse announced on Monday that they expect to finalize their merger by June 12.
The date comes slightly later than previously anticipated by UBS CEO Sergio Ermotti, who had initially suggested a late May or early June completion.
Nevertheless, UBS remains on track with its acquisition plans.
The Swiss government had exerted significant pressure on UBS to rescue Credit Suisse from potential collapse, leading to the three billion Swiss francs ($3.25 billion) deal on March 19.
In an official statement, UBS confirmed, “UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG.”
As part of the merger process, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from both the Swiss stock exchange and the New York Stock Exchange.
The acquisition is set to create a superbank under UBS’s control, responsible for managing a staggering $5 trillion in invested assets, according to Ermotti.
The deal is touted to have wide-ranging implications for the Swiss banking landscape and potentially reshape the global financial industry.
