Switzerland’s largest bank UBS said on Monday it expected to complete its takeover of Credit Suisse as early as June 12, 2023, assuming the top shipping financier position in Greece.
Completion is subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and other remaining closing conditions.
The all-share takeover will see Credit Suisse shareholders receive one UBS share for every 22.48 shares they held. Upon completion, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange and the New York Stock Exchange.
The deal will create a banking behemoth overseeing more than $5trn in total invested assets. UBS was never big on shipping, but today it has the tenth-largest lending portfolio in the industry, at around $10bn and question marks still hang over the fate of the enlarged bank’s shipping interests.
