Swiss Bank UBS Says Planning To Complete Acquisition Of Credit Suisse By June 12

Swiss banking group UBS said on Monday it planned to complete the acquisition of Credit Suisse by June 12, with the exact date depending, among other things, on whether the US regulator would declare a registration statement effective

MOSCOW (UrduPoint News / Sputnik - 05th June, 2023) Swiss banking group UBS said on Monday it planned to complete the acquisition of Credit Suisse by June 12, with the exact date depending, among other things, on whether the US regulator would declare a registration statement effective.

"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," the Swiss bank said in a statement.

The completion of the merger will depend on 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 statement read.

American Depositary Shares (ADS) and the stakes of Credit Suisse will be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE), the Swiss banking group added.

"Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held. The exchange of Credit Suisse ADS may be subject to certain fees," the statement read.

The Swiss bank added that Credit Suisse Group AG's obligations under its debt securities would become obligations of UBS Group AG.

In mid-March, Credit Suisse's share price plunged nearly 30%, sparking fears of a liquidity crunch. The incident followed the collapse of several US financial institutions, including Silicon Valley Bank. Later in the month, the Swiss National Bank announced the acquisition of Credit Suisse by UBS.