‘…the beginning of a historic new chapter’
UBS said Monday that it has finalized its takeover of Credit Suisse AG, ending a monthslong saga that saw the collapse of one of Switzerland’s biggest financial institutions.
The bank announced that completion in an open letter to Swiss, German-language daily newspaper, NZZ and other international publications, describing the deal as “the beginning of a new, historic chapter.”
UBS UBS, -0.30% UBSG, 0.99% agreed to buy its rival for an initially announced 3 billion francs ($3.3 billion) after Credit Suisse CS, +0.99% CSGN, +0.99% was unable to stem outflows from its wealthy clients.
UBS said Friday that it has signed a loss protection agreement with the Swiss government covering up to 9 billion francs ($10 billion) of losses once the takeover of Credit Suisse is completed.