UBS confirmed today, Monday, that it will complete the acquisition of Credit Suisse soon, possibly on June 12, to create a large Swiss bank with assets valued at $1.6 trillion following a government-backed rescue earlier this year. The bank stated, "UBS expects to complete the acquisition of Credit Suisse soon, possibly on June 12, 2023. By this time, Credit Suisse Group AG will be integrated into UBS Group."
It noted that "the completion of the acquisition depends on a disclosure statement regarding the shares to be transferred, which the U.S. Securities and Exchange Commission will announce the onset of, as UBS will also need to agree to the remaining conditions to finalize the deal." UBS, Switzerland's largest bank, agreed on March 19 to purchase its smaller rival for three billion Swiss francs ($3.37 billion), absorbing up to five billion francs in losses after a collapse of client trust pushed Credit Suisse to the brink and prompted Swiss authorities to act to avoid a broader banking crisis.
