UBS Group announced today its expected closure of the acquisition of Credit Suisse Group, which will result in the creation of a Swiss banking corporation with a balance sheet of $1.6 trillion, as early as 12 June.
“UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG,” an official announcement stated on Monday.
“Completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and to [the] satisfaction, or waiver by UBS, of other remaining closing conditions.”
Following the merger, Credit Suisse shares on the SIX Swiss Exchange and its American Depositary Shares on the New York Stock Exchange will no longer be listed. If the merger is completed prior to June 12 US trading hours, the ADS on the New York exchange will be delisted that same day, and shares on SIX will be delisted on June 13.