UBS Completes Acquisition of Credit Suisse – Kommersant
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Swiss bank UBS has announced the completion of its takeover of Credit Suisse. The combined company will operate as a consolidated banking group. press release.
UBS Group AG will manage two parent banks – UBS AG and Credit Suisse AG. Each institution will retain subsidiaries and branches, as well as continue to serve its clients and work with counterparties. The Board of Directors and Management Board of UBS Group AG will have overall responsibility for the consolidated group.
UBS will publish the combined group’s IFRS results in dollars. Earnings for the second quarter of 2023 are scheduled to be released on August 31st.
UBS and Credit Suisse started merger process in March. The deal took place with the direct participation of the Swiss authorities, who persuaded UBS to buy out Credit Suisse in order to save it from collapse. European Commission approved merger between UBS and Credit Suisse at the end of May.
The history of the collapse of Credit Suisse – in the material “Kommersant” “The whole of Switzerland is in terrible turmoil”.
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