UBS set to carve up Credit Suisse after takeover day

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2023-06-10 07:26:56  • 4 mins

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ZURICH: UBS is set to finalise the takeover of Credit Suisse on Monday (Jun 12), but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.

Reassuring the financial markets, customers, employees, the government and the public remains a challenge once the mega-merger is completed.

"From Monday onwards, UBS can start being proactive," Andreas Venditti, an analyst at Swiss investment manager Vontobel, told AFP.

Switzerland's largest bank must already have an idea of what bits of Credit Suisse it wants to keep, close or sell, but "so far they were limited in what they could do", he said.

On Jun 5, the two Zurich-based banks announced that the merger should be completed on Jun 12.

A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.

UBS expects an exceptional accounting gain of nearly US$35 billion due to the difference between the purchase price and the recognised net assets of Credit Suisse.

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