A statement from the bank said that "UBS has completed the acquisition of Credit Suisse today, crossing an important milestone."UBS had said last week that it expected to complete the acquisition worth 3 billion Swiss francs as early as Monday -- which will be the last trading day for Credit Suisse shares on the Swiss stock exchange. Credit Suisse will also no longer be traded on the New York Stock Exchange.
Ermotti, who returned to UBS to push through the deal, acknowledged that "the coming months will certainly be bumpy" but said the bank was "very focused on doing on it right." Ermotti said that "we'll present our clients an enhanced global offering, broader geographic reach and access to even greater expertise."
UBS will inherit ongoing cases against Credit Suisse and the financial repercussions those entail, including a recent ruling in Singapore that said Credit Suisse owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars for failing to protect the billionaire's money in a trust pilfered by a manager.
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