Deal completed in one week: UBS takes over CS on June 12

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Credit Suisse will be gone in a week. Then CS’s shares will be withdrawn from the stock market. CS shareholders will then receive one UBS share for 22.48 CS shares. The U.S. Securities and Exchange Commission has yet to confirm the registration statement covering the shares to be issued. But it just seems like a formality.

With the conclusion of the agreement, UBS will also assume all debts of the bank. In addition, the pressure is now increasing for UBS management to announce as soon as possible how things will continue with CS and above all about 50,000 employees worldwide. How many people will be laid off? What’s going on at CS Switzerland? Are there still risks dormant in CS books?

Questions that UBS boss Sergio Ermotti (63) now has to answer as quickly as possible. Under these circumstances, his participation in the Swiss Economic Forum next Friday in Interlaken will be of great interest.

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UBS wanted to take time after the summer break to analyze the options. But for financial center professionals, Ermotti takes too much time: “He should say what he wants to do right after closing,” an insider on “SonntagsBlick” says. Specifically: “He should now pour pure wine and say that there is nothing left of CS. This UBS will go through the full integration baseline scenario.”

UBS must be careful not to make the same mistakes CS leaders made last fall. Back then, the bank announced its new strategy early in late October. He was silent about it for weeks, with much room for speculation. With deadly consequences: A tweet triggered the first bank rush in CS in early October.

Source :Blick