The deal’s completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the U.S. SEC, and other remaining closing conditions
UBS expects to complete its takeover of Credit Suisse “as early as June 12,” which will create a giant Swiss bank with a balance sheet of $1.6-trillion following a government-backed rescue earlier this year.
“Although the risk profile of UBS has changed significantly, we see good opportunities for investors,” he added. Upon completion, Credit Suisse shares and American Depositary Shares will be delisted from the SIX Swiss Exchange and the New York Stock Exchange , UBS added. SIX said in a separate statement Credit Suisse shares would be delisted on June 13 at the earliest.
The megabank will employ 120,000 worldwide, although it has already announced it will be cutting jobs to take advantage of synergies and reduce costs. “We have to be also clear … this is an acquisition not a merger,” UBS CEO Sergio Ermotti told a financial conference on Friday, warning of “painful” decisions to come.
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