UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil - BNN Bloomberg

A statement from the bank said that “UBS has completed the acquisition of Credit Suisse today, crossing an important milestone."

“This is a very important moment — not just for UBS, for Switzerland as a financial location and for Switzerland as a country,” UBS CEO Sergio Ermotti said on Friday. “So we do feel the responsibility, but we are fully motivated.” “I’m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time,” UBS Chairman Colm Kelleher said in Monday’s statement. “We are now one Swiss global firm and, together, we are stronger.”

The 167-year-old Credit Suisse had seen a string of scandals over the years that hit the heart of its business, ranging from bad bets on hedge funds to failing to prevent money laundering by a Bulgarian cocaine ring and accusations it didn’t report secret offshore accounts that wealthy Americans used to avoid paying U.S. taxes.

Switzerland’s government has agreed to provide UBS with 9 billion Swiss francs in guarantees to cover any losses it may face from the takeover after UBS covers any hits up to 5 billion francs .

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