UBS completes acquisition of Credit Suisse in deal to stem global financial turmoil

BERLIN (AP) — UBS said on Monday it had completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government rushed to strike a bailout deal to combine the country’s two biggest banks. in order to preserve Switzerland’s reputation as a global bank. center and quell market turbulence.

According to a statement from the bank, “UBS today completed the acquisition of Credit Suisse, achieving an important milestone.”

UBS had said last week that it expected to complete the acquisition worth 3 billion Swiss francs ($3.3 billion) as early as Monday.

It’s a pivotal moment for the two Zurich-based rivals, whose combination has raised concerns over thousands of expected job losses, drawn blame and lawsuits over the terms of the deal, and sparked fears about the impact of creating a Swiss megabank that would be too big to fail.

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