UBS to complete Credit Suisse acquisition as early as 12 June

UBS is set to complete the acquisition of Credit Suisse as early as 12 June, later than the initial target of the end of May or start of June. 

In two separate statements, the banks said today (5 June) they will be merged by the date. Credit Suisse will delist from the New York Stock Exchange on 12 June, and from the Swiss SIX exchange on 13 June.

Completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and other remaining closing conditions, UBS added.

UBS agrees to buy Credit Suisse for $3.3bn

Under the all-share takeover, Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.

UBS has agreed to buy stricken rival Credit Suisse for $3.3bn on 19 March, following a long weekend of negotiations with the Swiss government and regulators after it became clear that the bank's decline was snowballing amid a crisis of confidence. 

Credit Suisse CEO Körner to join UBS executive board amid reshuffle

The acquisition marked the biggest bank deal since the Global Financial Crisis, creating a group overseeing $5trn of assets. 

Last month, UBS said it expects mark-downs of about $13bn on Credit Suisse assets and a legal bill that may amount to as much as $4bn over 12 months. It may also see an estimated $34.8bn paper gain as a result of the takeover, it said.