UBS Closes Credit Suisse Acquisition, Projects CET1 Ratio of 14% in 2023 – UBS Gr (NYSE:UBS)

UBS Group AG UBS exposure Complete acquisition of Credit Suisse Group AG C Today.

As previously announced, on March 19, 2023, CS shareholders will receive 1 UBS share for every 22.48 CS shares held.

In addition, UBS will manage two separate parent banks – UBS AG and Credit Suisse AG, with each organization continuing to operate its subsidiaries and manage its own customer base.

Today will be CS’s last trading day on the SIX Swiss Exchange and the combined entity will operate as a consolidated banking group.

UBS said its board of directors and executive board would oversee the combined company and disclosed the nominations of the boards of directors for certain Credit Suisse entities.

With the buyout complete, UBS expects its CET1 capital ratio to be around 14% in Q2 2023 and to remain around that level in 2023.

UBS also projects CS’s operating losses and higher restructuring charges to be offset by lower risk-weighted assets (RWA).

“I am delighted that we have successfully completed this important transaction in less than three months, bringing together two global systemically important banks for the first time. We are now a Swiss global firm with Together we are stronger. As we begin operating the consolidated banking group, we will continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: serving our customers with excellence,” UBS Collam Kelleher, president of the

UBS will now report consolidated financial results for the combined group in USD under IFRS, with Q2 2023 results expected on August 31, 2023.

Last week, UBS entered into a loss protection agreement with the Swiss government, which will take effect After completion of CS acquisition,

price actionShares of UBS are trading at $20.37 premarket, up 0.89% at last check Monday.

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