UBS has formalized the acquisition of Credit Suisse, ordered as part of the rescue plan of the Swiss bank on March 19th. This was announced by the Swiss bank itself in an open letter, as reported by the Ats agency. “We have concluded the legal acquisition of Credit Suisse”, reads the note signed by the CEO Sergio Ermotti and the president Colm Kelleher. The three-key bank states that “the goal is to ensure stability.” Credit Suisse’s banking services will continue to be provided “as usual and without interruption”.
It is expected that the shares and Ads (American Depositary Receipts) of the former second largest Swiss bank, born from the Schweizerische Kreditanstalt founded in 1856, will be delisted from the New York and Zurich Stock Exchanges. CS shareholders will receive one UBS share for every 22.48 shares held. Embroiled in a series of scandals for several years, Credit Suisse has seen its situation deteriorate rapidly after the failure of Silicon Valley Bank in mid-March. As part of the bailout plan implemented by the Swiss authorities on March 19, UBS agreed to take over the former rival for 3 billion Swiss francs, after obtaining substantial financial guarantees from the Confederation and the National Bank. The date of the so-called closing – the formal completion of the acquisition – had already been communicated by both institutions.
