Reuters exclusively revealed that UBS (UBSG.S) is expected to secure unconditional European Union antitrust approval for its planned takeover of struggling Credit Suisse (CSGN.S), putting the Swiss bank closer to completing the deal.
Business & FinanceDeals
UBS set to gain EU nod for Credit Suisse deal
16 May 2023, 4:23 pm 1 minute
Market Impact
UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.4 billion) in stock and to assume up to 5 billion francs in losses in March, in a shotgun merger engineered by Swiss authorities to avoid more market-shaking turmoil in global banking. Both UBS and Credit Suisse are in a group of the 30 global systematically important banks watched closely by regulators, and Credit Suisse’s failure would ripple throughout the entire financial system.
Article Tags
Topics of Interest: Business & FinanceDeals
Type: Reuters Best
Sectors: Business & Finance
Regions: Europe
Countries: Switzerland
Win Types: Exclusivity
Story Types: Exclusive / Scoop
Media Types: Text
Customer Impact: Significant National Story
