Ubs-Credit Suisse, Ermotti: “The transaction will help strengthen the leadership position of the Swiss financial center”
The Swiss banking giant Ubs tightens the timing for merging with Swiss credit: the financial giant expects to complete the three billion Swiss franc acquisition “most likely in second quarter of 2023″, reads a press release issued today by the institution. Furthermore, it indicates “net new funds for Global Wealth Management amounting to 28 billion dollars, of which 7 billion dollars arrived in the last ten days of March, following the announcement of the acquisition of Credit Suisse”.
Regarding the acquisition of Swiss creditthe new CEO Sergio Ermotti, called back to the role previously held to lead the delicate merger, said he was “convinced that this transaction will contribute to strengthening the position of leadership of the Swiss financial center and to benefit the economy as a whole”.
This combination “presents a unique opportunity to create significant long-term value for all stakeholders,” it said in a statement. At the helm from 2011 to 2020, Ermotti led a major restructuring that revived the banking giant brought to its knees by the 2008 financial crisis and bailed out in extremis by the federal government. To handle an extremely delicate integration due to the size and complexity of the machine Swiss credit, UBS has created the position of Chief Risk Officer and also announced that the current Chief Risk Officer will stay longer to complete the deal.
Ubs, in the first quarter the profit collapses by 52%. Stock market tension
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