The forced takeover of Credit Suisse by UBS is progressing formally. The next organizational step after the holding company is being merged, and a timetable for the Swiss units is being outlined.
The respective boards of directors of UBS and Credit Suisse have now also approved the takeover, according to a statement on Thursday. This means that the formal merger agreement has now been finalized. The completion of the merger is expected in 2024, subject to the approval of the respective regulators.
Submission of form to the US stock exchange
With regard to the US Securities and Exchange Commission (SEC), UBS has submitted the corresponding Form “6-K” with unaudited, summarized, and combined pro forma financial information, as stated. These forms, which are also published by the SEC, have become an important source of information for the stakeholders of both banks immediately after the CS takeover last March.
The formal merger of UBS and Credit Suisse companies will take place almost exactly six months after the merger of the two holding companies UBS Group and CS Group on June 12 (see graph below). At that time, the assurances given and received by the buyer UBS during the emergency rescue in March were definitively contractually anchored.
Ambitious timetable
UBS is now preparing the merger of the Swiss companies UBS Switzerland and CS (Switzerland), also for 2024. UBS only decided last August that CS’s Swiss business would be fully integrated. Accordingly, there has been a further delay here.
The timetable for the integration of the operational business has also been in place since then: The Credit Suisse brand will have disappeared by 2025. The entire integration is expected to be completed by 2026.
This News Article was automatically generated by Bob the Bot (AI)
| Information | Details |
|---|---|
| Geography | Europe |
| Countries | 🇨🇠🇺🇸 |
| Sentiment | neutral |
| Relevance Score | 1 |
| People | None |
| Companies | Credit Suisse, UBS, SEC |
| Currencies | None |
| Securities | None |
