LONDON, UK: UBS (NYSE:UBS) (SWX:UBSN) announced today that it expects to complete its acquisition of Credit Suisse as early as June 12, 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG.

Completion of the acquisition is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and to satisfaction, or waiver by UBS, of other remaining closing conditions.

Upon completion, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE). Credit Suisse shareholders will receive one UBS share for every 22.48 outstanding shares held. The exchange of Credit Suisse ADS may be subject to certain fees.

Credit Suisse Group AG’s obligations under its outstanding debt securities will become obligations of UBS Group AG. Additional information on the specific issues of securities will be contained in investor notices that will be distributed in due course by the relevant stock exchanges, including the Official Notices page of SIX Swiss Exchange and, for certain notes, the Depository Trust Company (DTC).

“We are pleased to announce that we are on track to complete the acquisition of Credit Suisse,” said Ralph Hamers, CEO of UBS. “This is a significant milestone for UBS and will create a stronger, more diversified and more competitive global bank. We look forward to welcoming Credit Suisse employees to the UBS team and working together to deliver even better value for our clients and shareholders.”

“This is a positive outcome for all of our stakeholders,” said Thomas Gottstein, CEO of Credit Suisse. “The combination of UBS and Credit Suisse will create a leading global investment bank with a strong presence in Switzerland and around the world. I am confident that this will create value for our clients, employees and shareholders.”

The acquisition of Credit Suisse is a major strategic move for UBS. The deal will give UBS a larger global presence and a broader range of products and services. It will also allow UBS to reduce its risk exposure and become more competitive in the global banking industry.