UBS said it will complete its takeover of Credit Suisse ‘as early as June 12,’ creating a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year
Completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the U.S. Securities and Exchange Commission, and other remaining closing conditions, it added.
brought it to the brink of collapse, prompting the Swiss authorities to act to stave off a broader banking crisis.Upon completion, Credit Suisse shares and American Depositary Shares will be delisted from the SIX Swiss Exchange and the New York Stock Exchange , UBS added. SIX said in a separate statement Credit Suisse shares would be delisted on June 13 at the earliest.
UBS had been rushing to close the transaction in record time, hoping to provide greater certainty for Credit Suisse clients and employees, and to stave off departures.
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