Shares of Credite Suisse bank will be delisted next week, with the conclusion of the purchase by UBS

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UBS said it intends to complete the purchase by the 12th. Credit Suisse shareholders will receive UBS shares in their place. Credit Suisse branch in London on March 16, 2023 REUTERS/Hannah McKay UBS intends to complete the purchase of Credit Suisse by March 12, the institution said on Monday (5). With the conclusion, the shares of the Swiss bank will cease to exist both on the Swiss stock exchange and on the New York Stock Exchange. According to a statement, investors who hold Credit Suisse shares will then receive one UBS share for every 22.84 Credit shares. Currently, the group’s shares are traded for around 0.81 Swiss francs in their country of origin, and for US$ 0.88 in New York, which is equivalent to approximately R$ 4.35, in the current dollar exchange rate. UBS shares are sold for 18.26 Swiss francs in Switzerland and for US$ 20.02 in the United States, around R$ 98.90. READ MORE: Understand why Credit Suisse made European banks plummet and the risk of crisis in the banking sector that the Americans? What happened to Credit Suisse? In March, the bank was bought by its competitor, UBS, in the midst of a severe crisis. The institution faced financial difficulties of about 3 billion Swiss francs (about US$ 3.37 billion, or almost R$ 16.65 billion, in the current dollar exchange rate). The crisis erupted on March 14, a few days after two American banks went bankrupt due to liquidity problems. The international media said that Credit Suisse had identified “material weaknesses” in its financial results. Soon after, the bank’s customers began to withdraw their funds, afraid that the institution would also fail – which resulted in losses of more than US$ 120 billion. In the midst of all this, Swiss authorities hastily crafted a deal to save the financial system, which resulted in UBS buying Credit.

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