UBS intends to complete the purchase of Credit Suisse by early June

[ad_1]

The acquisition was closed in March, for around R$ 17 billion, at the current dollar exchange rate. Credit Suisse facade Denis Balibouse/Reuters UBS Chief Executive Sergio Ermotti said on Wednesday that the bank aims to complete the purchase of Credit Suisse by the end of May or early June. In a speech given at a conference in Zurich, Ermotti also stated “that all options were still on the table in relation to the Swiss business of Credit Suisse”. Regional banks suffer a new setback in the United States In March, UBS agreed to buy its rival, which was facing financial difficulties, for 3 billion Swiss francs (about US$ 3.37 billion, or almost R$ 17 billion, at current exchange rates). of the dollar). The bank also said it would assume up to $5.61 billion in losses as part of a deal rushed through by Swiss authorities. On Sunday, Swiss newspaper NZZ am Sonntag reported that UBS was working to spin off Credit Suisse’s domestic unit, with its current boss Andre Helfenstein expected to run it. The newspaper even quoted a source as saying that UBS had accepted the idea of ​​a spin-off, which it initially ruled out, because of growing public and political pressure. Ermotti also said it was too early to estimate how many jobs would be cut as a result of the merger. “Job cuts will not be avoidable,” he said.

[ad_2]

Source link