© Reuters. Swiss and Canton de Geneve flags are seen on a constructing of Swiss financial institution Credit score Suisse in Geneva, Switzerland, June 7, 2023. REUTERS/Denis Balibouse
(Reuters) -Credit score Suisse Group AG Chief Government Ulrich Koerner has indicated that the emergency takeover of the financial institution by UBS AG will shut on Monday, Bloomberg Information reported on Saturday, citing an inside memo.
“Whereas Monday brings to an finish this chapter in our historical past, additionally it is the start of a brand new and thrilling future,” Koerner stated in a memo to workers. “Monday’s authorized shut is the following essential step as we work to get you the solutions you want as rapidly as attainable.”
On Friday, UBS Chief Government Sergio Ermotti hinted the takeover of Credit score Suisse would shut on Monday, the earliest anticipated date.
Earlier on Friday, the Swiss authorities agreed with UBS to ensure as much as 9 billion Swiss francs ($9.96 billion) of losses the financial institution could incur from the sale of its rival’s property past 5 billion francs the lender is because of cowl itself.
UBS declined to remark, whereas Credit score Suisse didn’t instantly reply to a Reuters request for remark.
($1 = 0.9038 Swiss francs)
