UBS expects to finalize its agreement with the Swiss government to cover up to 9 billion Swiss francs ($9.92 billion) in losses from its emergency takeover of Credit Suisse by June 7, the Swiss bank said in a regulatory filing published on Tuesday.
Under the terms of the takeover orchestrated by Swiss authorities in March, UBS committed to cover the first 5 billion francs in potential losses while the government agreed to shoulder up to 9 billion francs on top of that.
"Any further loss guarantee exceeding CHF 14 billion, which was not included as part of the Special Ordinance, requires a separate legal basis in the form of a parliamentary approval in the ordinary legislative procedure as well as the commitment credit," the SEC filling said. The SEC document, which was dated June 5, reiterated that the UBS expected to complete the deal in the second quarter of 2023. TheThe filing also said that UBS was engaged in discussions with Switzerland's financial regulator, FINMA, on the capital and liquidity requirements for the combined bank.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
UBS: takeover of Credit Suisse to close as early as June 12UBS said on Monday it will complete its takeover of Credit Suisse 'as early as June 12', creating a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.
Lire la suite »
UBS expects to seal Credit Suisse takeover as soon as June 12UBS said on Monday it expected to complete its takeover of Credit Suisse 'as early as June 12', creating a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.
Lire la suite »
UBS expects to seal Credit Suisse takeover as early as June 12UBS expects to complete its takeover of Credit Suisse 'as early as June 12', which will create a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.
Lire la suite »
UBS expects to seal Credit Suisse takeover as early as June 12UBS expects to complete its takeover of Credit Suisse 'as early as June 12', which will create a giant Swiss bank with a balance sheet of $1.6 trillion.
Lire la suite »
UBS to retain more than 100 Credit Suisse bankers in Asia -Bloomberg NewsUBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia, as the Swiss banking giant plans to shore up talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday.
Lire la suite »
UBS to retain more than 100 Credit Suisse bankers in Asia -sourceUBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said.
Lire la suite »