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UBS plans to complete acquisition of Credit Suisse

Europe Materials 6 June 2023 07:35 (UTC +04:00)
UBS plans to complete acquisition of Credit Suisse

BAKU, Azerbaijan, June 6. The largest Swiss bank UBS plans to complete the takeover of Credit Suisse by June 12, Trend reports.

The completion of the transaction will depend on whether the registration statement for the shares is recognized as valid by the US Securities and Exchange Commission, according to the company. UBS also reserves the right to honor or refuse the remaining undisclosed terms of the deal.

Under the deal, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they own. As a result of the takeover, UBS's balance sheet will increase to $1.6 trillion.

Some countries are already facing a crisis in the banking system. The Swiss National Bank announced on March 19 that UBS would acquire Credit Suisse, which was in financial difficulties due to customer outflows. Also on March 10, the California Department of Financial Protection announced the bankruptcy of Silicon Valley Bank, the sixteenth largest bank in the United States. It was the largest bankruptcy in the US since the 2008 financial crisis.

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