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Credit Suisse Group AG’s Chief Executive, Ulrich Koerner, has informed employees in an internal memo that the emergency takeover of the bank by UBS AG is set to conclude on Monday, according to a report by Bloomberg News on Saturday.
Koerner expressed his belief that while the closure of this chapter in their history is imminent, it also marks the beginning of an exciting new future for the organisation. He emphasised that Monday’s legal close is a crucial step towards providing employees with the necessary answers in a timely manner.
UBS Chief Executive, Sergio Ermotti, had previously hinted that the takeover of Credit Suisse would reach its completion on Monday, which aligns with the earliest anticipated date for the transaction.
On Friday, the Swiss government reached an agreement with UBS to provide a guarantee for losses of up to 9 billion Swiss francs ($9.96 billion) that may arise from the sale of Credit Suisse’s assets, surpassing the 5 billion francs that the bank was already obligated to cover itself.
“To make the takeover possible, the government granted UBS a guarantee for any losses incurred in the liquidation of Credit Suisse assets,” the government said.
Meanwhile, in another notable development, the Swiss parliament has recently approved the establishment of a parliamentary commission (PUK) to thoroughly examine the circumstances surrounding the collapse and subsequent rescue of Credit Suisse which was orchestrated by Swiss authorities. This significant move marks the fifth instance in Switzerland’s modern history where a commission of this nature has been formed, underscoring the gravity of the situation. The PUK will delve into the intricate details surrounding Credit Suisse’s downfall and the subsequent intervention by the authorities to gain a comprehensive understanding of the events that unfolded.
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