June 10 (Reuters) – Credit score Suisse Group AG (CSGN.S) Chief Govt Ulrich Koerner has indicated that the emergency takeover of the financial institution by UBS AG (UBSG.S) will shut on Monday, Bloomberg Information reported on Saturday, citing an inside memo.
“Whereas Monday brings to an finish this chapter in our historical past, it’s also the start of a brand new and thrilling future,” Koerner mentioned in a memo to workers. “Monday’s authorized shut is the subsequent essential step as we work to get you the solutions you want as shortly as doable.”
On Friday, UBS Chief Govt Sergio Ermotti hinted the takeover of Credit score Suisse would shut on Monday, the earliest anticipated date.
Earlier on Friday, the Swiss authorities agreed with UBS to ensure as much as 9 billion Swiss francs ($9.96 billion) of losses the financial institution might incur from the sale of its rival’s property past 5 billion francs the lender is because of cowl itself.
UBS declined to remark, whereas Credit score Suisse didn’t instantly reply to a Reuters request for remark.
($1 = 0.9038 Swiss francs)
Reporting by Urvi Dugar in Bengaluru; Modifying by Andrew Cawthorne, Mike Harrison and Louise Heavens
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