Banking
UBS completes Credit Suisse takeover to create Swiss bank titan
The announcement caps more than two months of uncertainty for employees after UBS finalised negotiations with the Swiss government over a 9 billion Swiss franc guarantee against potential losses on Credit Suisse assets
UBS Group AG completed the deal to acquire former rival Credit Suisse Group AG, sealing the biggest merger in banking since the 2008 financial crisis and creating a global wealth-management titan.
The Swiss bank announced the closing of the deal in an open letter in local and international newspapers on Monday. The takeover of Credit Suisse ends the lender’s 167-year independent existence.
The announcement caps more than two months of uncertainty for employees after UBS ...