The bank’s registration was canceled and Credit Suisse ceased to exist as a separate legal entity.
Swiss banking group UBS Group AG on Friday, May 31, announced the completion of the acquisition of former competitor Credit Suisse Group AG. This was stated in a statement from the group.
“Credit Suisse AG was removed from the Trade Register of the Canton of Zurich and ceased to exist as a separate legal entity. UBS AG became the legal successor in all rights and obligations of Credit Suisse AG, including all outstanding instruments on credit by Credit Suisse AG ,” UBS said.
It was noted that on June 7, UBS and Credit Suisse will begin operating as the only intermediate holding company registered in the United States.
Let’s recall that in March 2023 it became known that the largest Swiss bank UBS is buying its competitor Credit Suisse for $3.24 billion.
Shares of Credit Suisse fell to their lowest level ever after a Saudi investor refused to increase his stake in the bank. Concerns over Credit Suisse’s financial health roiled global markets, with share prices in European banks falling sharply.
Source: korrespondent
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