Credit Suisse's merger with UBS will be completed on Monday, June 12. The announcement was made by Credit Suisse boss Ulrich Koerner to employees of the Swiss bank, confirming the one made by the two groups last Monday. "As Monday ends this chapter in our history, it is also the beginning of a new and exciting future," he said in a memo distributed Friday to employees and relayed by Bloomberg. Monday will be a historic day for our bank and a pivotal moment for UBS, Switzerland and the entire financial services industry."
In the memo, Ulrich Koerner acknowledges that the merger raises many questions about how this agreement will affect the future of Credit Suisse employees. "Monday's legal close is the next important step as we strive to get you the answers you need as quickly as possible," said the Credit Suisse CEO.
$5000 trillion in invested assets
This merger will result in the delisting of Credit Suisse shares. If the transaction is completed before Wall Street opens on June 12, Credit Suisse shares will be delisted from the New York Stock Exchange on June 12 and June 13 on the Swiss Stock Exchange. In the event that the announcement is made after the opening of Wall Street, the withdrawal will take place on June 13 on both exchanges.
On March 19, UBS agreed to buy Credit Suisse under pressure from the Swiss authorities for 3 billion Swiss francs (3 billion euros) to avoid bankruptcy. This merger will create a banking colossus at the head of 5000 billion dollars (4673 billion euros) of invested assets. The size of the bank that will emerge from this merger raises serious concerns in Switzerland, both for employment and competition and for its weight in relation to the size of the Swiss economy.
