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UBS tries to reassure investors of Credit Suisse purchase

Swiss bank UBS Group AG is to reassure shareholders that it has successfully acquired rival Credit Suisse Group (SIX:CSGN) after the merger. This will happen on Wednesday, according to Reuters.

The Swiss government turned to UBS after customers began withdrawing deposits en masse from Credit Suisse, which was on the verge of bankruptcy. UBS agreed to buy Credit Suisse for 3 billion Swiss francs ($3.3 billion), with the state providing more than 200 billion francs of support and guarantees.

Such a deal caused dissatisfaction among the shareholders and the population of Switzerland as a whole. Regardless, UBS will get an opportunity to comment on the matter on Wednesday.

UBS reported net income of $7.6 billion in 2022 and recently hired Sergio Ermotti as chief executive to draw on his experience in rebuilding the bank after the global financial crisis. Now the main task of the bank is the successful integration of Credit Suisse.


Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
Forex Award | World Forex Award | Forex
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