UBS Completes Acquisition of Credit Suisse

Today UBS completed the acquisition of Credit Suisse as part of the largest functional acquisitions in recent years.

The purpose of the operation is to ensure the stability of the system after the March 19 crash. UBS paid 2 billion Swiss francs to acquire a former historic rival bank that had remained independent for 167 years. The National Bank and the Confederation provided financial guarantees for the operation.

“I am delighted to successfully complete this remarkable transaction in less than three months, for the first time consolidating two global systemically important banks,” commented Colm Kelleher, Chairman of UBS Group AG. “Now we are one global Swiss company, and together we are stronger. When we begin managing the consolidated banking group, we will continue to be guided by the interests of all our concerned parties, including investors.”

The agreement signed in Geneva is the most important bank merger since 2008.

“Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we will now unite to start the next chapter of our common path,” said Sergio P. Ermotti, CEO of the group. “Together, we will provide our customers with an expanded global offering, wider geographic coverage, and access to even more experience. We will create a bank that our customers, employees, investors, and the country of Switzerland can be proud of.”