UBS Completes Acquisition of Credit Suisse to Create $5 Trillion Asset Management Bank
In a move that has been highly anticipated in the financial industry, Swiss bank UBS has completed the acquisition of Credit Suisse, creating a giant bank with total assets and capital of up to $1.6 trillion.
Under the terms of the agreement, UBS agreed to suffer a loss of up to 5 billion francs due to the partial closure of the business. However, the acquisition will create a $5 trillion asset management bank, giving UBS a leadership position in key markets where it had been struggling to grow in size and new range of activities can be achieved.
With the completion of this deal, Credit Suisse's 167-year history comes to an end, marking a significant shift for the bank. Credit Suisse has been facing significant challenges in recent years, including legal issues, declining earnings, and the departure of key executives. The acquisition by UBS provides an opportunity to rebuild and restructure the bank under new leadership.
The deal is expected to have a significant impact on shareholders of Credit Suisse, who will receive 1 UBS share for every 22.48 Credit Suisse shares they hold. While the new bank will employ 120,000 people globally, UBS has previously announced that it will cut workers to take advantage of synchronization and to cut costs.
Overall, the completion of this acquisition marks a new era for UBS and Credit Suisse. It is hoped that the new bank will be able to leverage its size and scale to better compete in a highly competitive and rapidly evolving financial industry. As the global economy continues to recover from the impact of COVID-19, this new merger is likely to play an increasingly important role in shaping the future of finance.
UBS Completes Acquisition of Credit Suisse to Create $5 Trillion Asset Management Bank
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