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.
Bu hikaye Business Standard dergisinin June 13, 2023 sayısından alınmıştır.
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Bu hikaye Business Standard dergisinin June 13, 2023 sayısından alınmıştır.
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