UBS takeover of Credit Suisse set to close amid CEO memo and loss-sharing deal.
TL;DR Summary
Credit Suisse CEO Ulrich Koerner has indicated in an internal memo that the emergency takeover of the bank by UBS will close on Monday, according to Bloomberg News. The Swiss government has agreed to guarantee up to CHF 9bn ($9.96bn) of losses UBS may incur from the sale of Credit Suisse's assets beyond the CHF 5bn the lender is due to cover itself.
- Credit Suisse CEO memo signals UBS deal to close Monday, Bloomberg reports Reuters
- UBS and Swiss government sign Credit Suisse loss-sharing deal, clearing way for takeover to close CNN
- Credit Suisse CEO Memo Signals UBS Deal to Close Monday Bloomberg
- UBS set to carve up Credit Suisse after takeover day The Economic Times
- UBS Chief Ermotti Sees 'Bumpy' Months Ahead as Deal Close Nears AdvisorHub
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