UBS plans to own Credit Suisse by 2023 end, a look at financial numbers, layoff plans, employees5 min read 20 Mar 2023, 07:26 PM IST
As part of the merger, all shareholders of Credit Suisse will get 1 equity share in UBS for their 22.48 shares in Credit Suisse. This exchange ratio reflects a merger consideration of CHF 3 billion for all shares in Credit Suisse. Colm Kelleher will be Chairman and Ralph Hamers will be Group CEO of the combined entity.
To restore the lost confidence in the Swiss economy and banking sector due to contagion fear, this country's regulators led a mega deal between the two banks. UBS will soon become the new owner of troubles-filled Credit Suisse. The deal is expected to close by the end of 2023. UBS will acquire Credit Suisse for CHF 3 billion (approximately $3.25 billion). But what about employees of Credit Suisse, and how much is UBS going to acquire from Credit Suisse? As of now, UBS has shown confidence to continue the employment of staff at the embattled lender. While the deal is significant during banks turmoil.
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