UBS formalizes the acquisition of Credit Suisse. Former employees on a leash

Ubs acquires Credit Suisse : “The beginning of a new chapter”

UBS has formalized the acquisition of Credit Suisse group, which puts an end to 167 years of independence. The Swiss bank was acquired for 3 billion francs, in a climate of guarantees and financial support from institutions and the Swiss central bank.

In fact, just in recent days Ubs had signed a agreement with the Swiss government to have available 9 billion francs, equal to 10 billion dollars, in case of losses on the assets of the Swiss institute. There operation management of the integration will be up to Sergio Ermotti, former CEO of Ubs in the past and recalled to service to face the new challenge.

Read also: Credit Suisse, guarantee agreement signed. UBS will cover 5 billion losses

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