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2025/12/16
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05:47:16
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Latest News:
Foreign Minister Meets Outgoing Moroccan Charge d'Affaires
Hodeidah Governor Discusses Healthcare Support with Médecins Sans Frontières (MSF)
Rights Group Documents Over 4,000 Violations in Hadramout, Calls Them "War Crimes"
Hodeidah Governor Discusses Support for Health Sector with Médecins Sans Frontières
Yemen, UK discuss Issues of Common Concern
UBS officially acquires rival Credit Suisse
[12/06/2023 08:38]
BERN-SABA
Swiss bank UBS announced Monday that it has formally completed its takeover of rival Credit Suisse in a $3.2 billion deal in March.
Newly enlarged UBS will have a balance sheet of $1.6 trillion and 120,000 staffs worldwide, yet UBS has already said it would cut jobs to take advantage of the synergies and cut costs
Swiss regulators played a key role in the takeover amid concerns that massive losses at Credit Suisse would destabilize the banking system.
The organizers said they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurred the first 5 billion Swiss francs as part of the deal.
Swiss bank UBS announced Monday that it has formally completed its takeover of rival Credit Suisse in a $3.2 billion deal in March.
Newly enlarged UBS will have a balance sheet of $1.6 trillion and 120,000 staffs worldwide, yet UBS has already said it would cut jobs to take advantage of the synergies and cut costs
Swiss regulators played a key role in the takeover amid concerns that massive losses at Credit Suisse would destabilize the banking system.
The organizers said they would cover losses of up to 9 billion Swiss francs ($10 billion) after UBS incurred the first 5 billion Swiss francs as part of the deal.
Key words:
destabilize - SABA Swiss - regulators - organizers - completed - synergies - Swiss - worldwide - Newly - advantage -
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