UBS said on Monday 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 US Securities and Exchange Commission, and to satisfaction, or waiver by UBS, of other remaining closing conditions, it added.
Switzerland's no. 1 bank agreed on March 19 to pay 3 billion Swiss francs and assume up to 5 billion francs in losses for its smaller Swiss rival after a collapse in customer confidence brought it to the brink of collapse, prompting the Swiss authorities to act to stave off a broader banking crisis. Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.
The mega-bank will employ 120,000 worldwide, although it has already announced it will in the future be cutting jobs to take advantage of synergies and reduce costs.
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