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UBS races to seal Credit Suisse deal as soon as late April, sources say
Published Mar 23, 2023 01:31PM ET
Updated Mar 23, 2023 01:37PM ET
© Reuters. FILE PHOTO: Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse//File Photo
By Elisa Martinuzzi, Saeed Azhar and Stefania Spezzati
LONDON (Reuters) - The Swiss authorities and UBS Group AG (SIX:UBSG) are racing to close the takeover of Credit Suisse Group AG within as little as a month, according to two sources with knowledge of the plans, to try to retain the lender's clients and employees.
But combining Credit Suisse into UBS could take much longer, potentially months, because the deal needs approval from regulators in tens of countries, the people said, seeking anonymity given the sensitivity of the matter.
Spokespeople for UBS and Credit Suisse declined to comment.
"UBS has made a full commitment to the takeover of Credit Suisse... Now it is extremely important that both parties do everything possible that the takeover will be successful," Thomas Jordan, Swiss National Bank Chairman said on Thursday, adding the next two weeks would be crucial.
"This is absolutely necessary and we got all the commitments from both parties that they will do everything for this takeover to be successful."
Asked for more precise details on when the deal could close at the same media conference, the vice chairman declined to comment.
"We are waiting for final regulatory approvals across the globe so we will complete this deal as quickly as we can," UBS Chairman Colm Kelleher said on Sunday. "It will be weeks, short months to get this deal effectively closed."
The longer the deal takes to close, the harder it will be for Credit Suisse to hold on to its business as the uncertainty erodes confidence in the lender.
Bank of America (NYSE:BAC)'s electronic stocks desk had halted trading with a desk at Credit Suisse that uses computer-led strategies, an email seen by Reuters on Monday said.
Bloomberg News reported on Thursday that Wall Street banks and European firms are lifting hiring freezes to lure staff from Credit Suisse.
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