The Swiss "UBS" will soon take over the "troubled" "Credit Suisse": Everything will be ready by June 12


Swiss investment bank UBS has announced that in the next few days it should complete its takeover of Credit Suisse, which was rated as the biggest takeover of a bank since the financial crisis of 15 years ago. According to the joint statement of the banks, Credit Suisse should be fully integrated into the operation of UBS by June 12, and as stated, the approval of the US Securities and Exchange Commission is still pending.

"UBS itself must take into account other closing conditions that need to be met. The merger will create a financial giant with over five billion dollars of assets under management and more than 120.000 employees," writes the German Tagesschau, reports.

In addition to the acquisition, UBS announced that in the coming period it will focus on expanding the market towards Asia. "This investment bank is in negotiations with more than 100 investment banks in South Korea, Thailand, Vietnam and India, which until now worked under the management of Credit Suisse," writes the German media. The takeover of KS follows the banking crisis that hit Switzerland a few months ago, when it was announced that the bank could no longer meet its obligations.

During that period, the Swiss National Bank and the government provided more than 200 billion Swiss francs to support the bank's liquidity, but this was not enough for a full rescue, after which it was announced that a merger of the two banks would follow, in order to ensure stabilization at the market.

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