![]() UBS agreed on March 19 to buy Credit Suisse for a knockdown price of 3 billion Swiss francs and up to five billion francs in assumed losses in a rescue orchestrated by Swiss authorities with Switzerland's second-largest bank on the edge of collapse. Of the more than 160 leaders being confirmed or appointed, just over a fifth are from Credit Suisse, a UBS spokesperson said.Īndre Helfenstein will remain as head of the Credit Suisse domestic business, which UBS has said it is considering all strategic options for. ![]() UBS announced a string of management changes with the closing including at Credit Suisse AG, which is now a UBS subsidiary that will be run separately. The two banks now jointly employ about 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. UBS shares gained 0.8%, valuing the bank at about 64 billion Swiss francs ($70 billion). Having peaked at more than 82 Swiss francs in 2007, the price of Credit Suisse shares has been eroded by scandals and losses in recent years and closed at 0.82 francs on Monday. The merger also ends Credit Suisse's 167-years of independence. The combined group will oversee $5 trillion of assets, giving UBS a leading position in key markets it would otherwise have needed years to grow in size and reach. Marking the closing of the biggest banking deal since the 2008 financial crisis, UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said despite challenges there were "many opportunities" for clients, staff, shareholders and Switzerland. ZURICH, June 12 (Reuters) - UBS (UBSG.S) completed its emergency takeover of embattled local rival Credit Suisse (CSGN.S) on Monday, forging a Swiss banking and wealth management giant with a $1.6 trillion balance sheet. Bank's demise exposed regulation failings, risks of runs.Just over fifth of UBS leaders to come from Credit Suisse. ![]()
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