UBS to absorb Credit Suisse domestic unit

By Agence France-Presse

Sep 01, 2023 12:02 am

Switzerland's largest bank, which was strong-armed into a $3.25-billion takeover of its closest domestic rival in March to keep it from going under, said it aimed to complete most of the integration by the end of 2026 and was eyeing more than $10 billion in cost savings by then.

'Two-and-a-half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history,' UBS chief executive Sergio Ermotti said.

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