UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management.
Announcing the biggest banking deal since the 2008 global financial crisis, UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said it would create challenges but also "many opportunities" for clients, employees, shareholders, and Switzerland.
UBS will oversee $5 trillion of assets, giving the group a leading position in key markets it would otherwise have needed years to grow in size and reach. The merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and losses.
Credit Suisse shares were up 0.4 percent on their last day of trading, while UBS were also up around 0.4 percent.
This story is from the June 13, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 13, 2023 edition of Business Standard.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Sign In
WORLD RINGS IN 2025
Fireworks exploded over the Sydney Opera House and Harbour Bridge during New Year's celebrations in Australia. British pop star Robbie Williams led a singalong and Indigenous ceremonies acknowledged the land's first people.
After 2024 Report Card, Ministers Get Ready for Work on New Year's Day
Shreya Jai, Sanjeeb Mukherjee, Dhruvaksh Saha, Harsh Kumar, Subhayan Chakraborty & Sanket Koul
New Year frenzy: Zepto sells over 3K ice packs/hr; grape sales surge on Blinkit
As New Year celebrations began, consumers went all out on quick commerce platforms.
Don't believe the hype on these 3 workplace trends
From a quick glance at 2024's top business headlines, you'd think all companies were pushing return-to-office policies, embracing artificial intelligence and banishing diversity, equity and inclusion programs.
M&M posts sharpest annual rally in 15 yrs
Auto major's stock zooms 73% in 2024
CHOOSING A FINANCIAL ADVISOR Hire early, go for one with experience of multiple market cycles
Hire early, go for one with experience of multiple mkt cycles
₹ Hits Fresh Low, Extends Losing Streak to 7 Years
On Slippery Slope
Primary mkts, the showstopper
IPO BOOM, SIP SURGE, ₹ DECLINE
Marico likely to steal a march on peers in H2FY25
From its lows in mid-November, the stock of consumer major Marico is up about 8 per cent in trade and has outperformed its peers.
Gold set for brightest year since 2010 on rate cuts
Gold prices ended a record-breaking year on a positive note on Tuesday as robust central bank buying, geopolitical uncertainties and monetary policy easing fuelled the safe-haven metal's strongest annual performance since 2010.
