UBS said Monday that it has finalized its takeover of Credit Suisse AG, ending a monthslong saga that saw the collapse of one of Switzerland’s biggest financial institutions.
The bank announced that completion in an open letter to Swiss, German-language daily newspaper, NZZ and other international publications, describing the deal as “the beginning of a new, historic chapter.”
UBS
UBS,
UBSG,
agreed to buy its rival for an initially announced 3 billion francs ($3.3 billion) after Credit Suisse
CS,
CSGN,
was unable to stem outflows from its wealthy clients.
UBS said Friday that it has signed a loss protection agreement with the Swiss government covering up to 9 billion francs ($10 billion) of losses once the takeover of Credit Suisse is completed.
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