UBS expects to complete its 3 billion Swiss francs acquisition of Credit Suisse “as early as June 12”.
The bank agreed on March 19 to buy the firm in what was effectively a rescue following the Silicon Valley Bank collapse that led to a huge drop in customer confidence.
However, last month UBS said it was in negotiations with Swiss authorities about loss protections, suggesting that the acquisition would be delayed while these details were being confirmed.
The deal was backed by 200 billion Swiss francs in liquidity support from the Swiss central bank.
When the acquisition is completed, Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held, and UBS will assume all Credit Suisse assets and liabilities.
The new group will oversee $5 trillion in assets. As part of this, its combined asset management arm will oversee $1.6 trillion in assets, making it one of the largest asset managers in Europe.
UBS said in a statement: “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.
“Upon completion, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE)”.
The bank added that completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and to satisfaction, or waiver by UBS, of other remaining closing conditions.
The news comes after an announcement last month that Credit Suisse CEO Ulrich Körner will become a member of the UBS board following the completion of the deal.
Körner will be responsible for ensuring Credit Suisse’s operational continuity and supporting the integration process between the two banks.
In April, it was announced that Credit Suisse investors had sued the Swiss Financial Market Supervisory Authority (Finma) after their investments were wiped out during the takeover by UBS.
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