The same date had been hinted at last Friday by Sergio Ermotti, the chief executive of UBS.
He CEO of Credit Suisse, ulrich koernertold his employees that bank acquisition by UBS AG will close on mondayas reported by Bloomberg News on Saturday, citing a internal memo.
“Although Monday closes this chapter of our historyit is also the beginning of a new and exciting future,” Koerner said in a note to employees. And he added that “Monday’s legal closure is the next important step as we work to get them the answers they need as soon as possible.
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He UBS CEO Sergio Ermotti, had hinted last Friday that Credit Suisse acquisition expected to close on Mondaythe earliest expected date.
Purchase and agreement with the Swiss government
It all started with a series of problems Credit Suisse spooked customers into withdrawing their money, a trend that accelerated when US bank failures sparked fears of a broader banking crisis.
The wave of outflows of deposits and an important stock price drop prompted the Swiss central bank to offer liquidity support to Credit Suisse March 15th.
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On March 19, the Swiss National Bank announced that UBS would buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in shares and would assume a loss of up to 5,000 million of francs derived from the liquidation of part of the business. The final price was raised from the initial 1 billion francs, according to the notification.
For its part, the Swiss government agreed to guarantee until 9 billion Swiss francs ($9.96 billion) of any losses the bank may incur from the sale of its rival’s assets, beyond the 5 billion francs that the lender must cover itself.
Source: Ambito
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