Acquisition of Credit Suisse by UBS News and Financial Details

The acquisition of Credit Suisse by UBS has made headlines worldwide, and for good reason. The deal was valued at a staggering 3.2 billion Swiss francs.

UBS took control of Credit Suisse on March 19, 2023, marking the end of an era for the Swiss banking giant. The acquisition was a result of a complex series of events that began in the fall of 2022.

The deal was structured as a purchase of all outstanding shares of Credit Suisse by UBS. The acquisition price was set at 1.05 billion Swiss francs per share.

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The merger of UBS AG and Credit Suisse AG is complete. This significant milestone in UBS's integration journey was facilitated by strong support from regulators across the globe.

UBS Group AG has succeeded to all the rights and obligations of Credit Suisse AG, including all outstanding Credit Suisse AG debt instruments. This means that clients of Credit Suisse AG have become clients of UBS AG upon the merger.

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The transition to a single US intermediate holding company is planned for June 7, 2024, with the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG expected in the third quarter of 2024, subject to remaining regulatory approvals.

UBS clients will interact with the bank using existing Credit Suisse platforms and tools for an interim period. This is because the migration of clients and operations from Credit Suisse to integrated UBS platforms will take place over time, following business, client- and product-specific requirements.

The merger will unlock cost, capital, funding, and tax benefits for UBS starting from the second half of 2024.

The acquisition of Credit Suisse by UBS is a significant financial move that has far-reaching implications for the banking industry.

The deal is reportedly worth around $3.2 billion, with UBS taking on all of Credit Suisse's assets and liabilities.

Credit Suisse's assets total around $930 billion, while its liabilities stand at $1.1 trillion.

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UBS will take on a significant amount of debt in the process, but the Swiss government has agreed to provide a $9 billion loan to support the deal.

The acquisition is expected to be completed in the second half of 2023, pending regulatory approval.

The combined entity will have a significant presence in the global financial markets, with over 1 million customers and a network of over 1,000 branches.