UBS Credit Suisse merger

2023 - 3 - 19

Post cover — Image courtesy of "Financial Times"

UBS offers to buy Credit Suisse for up to $1bn (Financial Times)

Swiss authorities expected to change country's law to bypass UBS shareholder vote.

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UBS to take over Credit Suisse in historic $3.2bn rescue deal (Nikkei Asia)

The deal was announced Sunday by both banks as well as Swiss National Bank -- the central bank -- and Switzerland's financial authority. "UBS today announced ...

UBS to take over Credit Suisse, assume up to 5 billion Swiss francs ... (Reuters)

The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. Advertisement · Scroll ...

UBS earned $7.6 billion in profit in 2022, while Credit Suisse lost $7.9 billion. Credit Suisse's shares are down 74% from a year ago, while UBS's are relatively flat. lenders Silicon Valley Bank and Signature Bank, forcing it to tap $54 billion in central bank funding last week. To enable UBS to take over Credit Suisse, the federal government is providing a loss guarantee of a maximum of 9 billion Swiss francs for a clearly defined part of the portfolio, the government said. The deal includes 100 billion Swiss francs ($108 billion) in liquidity assistance for UBS and Credit Suisse from the Swiss central bank. [(UBSG.S)](https://www.reuters.com/companies/UBSG.S) agreed to buy rival Swiss bank Credit Suisse [(CSGN.S)](https://www.reuters.com/companies/CSGN.S) for 3 billion Swiss francs ($3.23 billion) in stock and agreed to assume up to 5 billion francs ($5.4 billion) in losses, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking.

Credit Suisse to Merge With UBS | Cleary Gottlieb (clearygottlieb.com)

Cleary Gottlieb advised long standing client Credit Suisse in connection with aspects of its proposed merger with UBS announced on March 19, 2023, ...

Credit Suisse's 9000 job cuts are foretaste of UBS takeover (The Straits Times)

The merger creates significant overlaps with the two banks headcount at almost 125000 at the end of 2022. Read more at straitstimes.com.

Under the deal, Mr Kelleher and UBS CEO Ralph Hamers will retain their roles in the combined entity. There will be no changes to payroll arrangements and bonuses will still be paid on March 24, the memo said. It will confirm any impact on the equity component. Mr Kelleher said the firm was determined to keep Credit Suisse’s profitable Swiss unit, despite concerns about concentration in the domestic market from this deal. UBS chairman Colm Kelleher said it is too soon to know a job cut number, but UBS indicated it will be significant. He was also clear that UBS is excited about Credit Suisse’s wealth management business, but less so about its investment bank.

UBS and Credit Suisse Merger Approved by FINMA (Markets Media)

The Swiss Financial Market Supervisory Authority FINMA has approved the takeover of Credit Suisse by UBS. FINMA welcomes the takeover solution and the ...

On this basis, it will be possible to continue all the business activities of the banks with no restrictions or interruptions. This means that the banks involved will have substantial additional liquidity available to carry out the takeover. In close coordination with FINMA, the Swiss Confederation and the SNB, UBS will take over Credit Suisse in full. FINMA welcomes the takeover solution and the measures taken by the Swiss Confederation and the Swiss National Bank SNB. To ensure that all obligations can continue to be met at all times throughout the transaction, further liquidity assistance will be assured. FINMA will very closely monitor the transaction and compliance with all requirements under supervisory law.