![]() Separately, UBS executives seek to assure shareholders the takeover will succeed, despite calling it a "Herculean task."Īpril 6 - UBS CEO Ermotti tells Credit Suisse staff to stay focussed on the business, but warns of "change and hard decisions" ahead.Īpril 11 - The Swiss Bank Employees Association demands a freeze on job cuts at both banks until the end of 2023. Separately, some holders of Credit Suisse AT1 bonds wiped out by the merger instruct lawyers to represent them for possible litigation to recover losses.Īpril 4 - Credit Suisse chairman Axel Lehmann apologises to investors for taking the bank to the brink of bankruptcy at the bank's final shareholder meeting.Īpril 5 - The Swiss government orders Credit Suisse to cancel or cut all outstanding bonus payments for senior management. APRILĪpril 3 - Switzerland's federal prosecutor opens an investigation into the merger. March 29 - UBS rehires former CEO and turnaround specialist Sergio Ermotti to steer the takeover. March 23: Switzerland's financial market regulator FINMA defends its decision to impose steep losses on Credit Suisse bondholders, calling the decision legally watertight. March 21 - Swiss authorities impose curbs on bonus payments for Credit Suisse employees. March 20 - The rescue triggers a political backlash in Switzerland, with parties on the right and left warning about the huge risks and the size of the combined entity. Detailing the events later in a regulatory filing UBS said it was rushed into a deal it did not want. Under the deal, UBS agrees to buy Credit Suisse for a knockdown price of 3 billion Swiss francs in stock and agreed to assume up to 5 billion francs in losses. March 19: An emergency rescue of Credit Suisse, brokered by the Swiss government, central bank and financial regulator, is announced. March 16: Credit Suisse says it intends to borrow up to 50 billion Swiss francs ($56.25 billion)from the Swiss National Bank in "decisive action" to boost its liquidity. Earlier, Credit Suisse's largest shareholder - Saudi National Bank - said it would not increase its stake in the lender, sending its shares plunging by a fifth. ![]() March 15 - The Swiss National Bank pledges to fund Credit Suisse with liquidity "if necessary" - the first such move for a big bank since the global financial crisis. March 14 - Publishing its delayed 2022 annual report, Credit Suisse says it had identified "material weaknesses" in internal controls over financial reporting and not yet stemmed customer outflows. March 13 - Credit Suisse shares hit a record low after the entire banking sector sells off in the wake of the collapse of Silicon Valley Bank. Securities and Exchange Commission (SEC), which raised questions about its earlier financial statements. March 9 - Credit Suisse postpones publication of its annual report after a last minute call by the U.S. ![]() 28 - Swiss regulators rebuke Credit Suisse for "serious" failings in its handling of a multi-billion business with now defunct financier Greensill, the third such public censure in two years. Here are the main events in the run-up to the biggest banking deal since the global financial crisis. ![]() The closing of the tie-up marks the final chapter for the 167-year old institution after years of scandals and missteps eroded customer confidence and brought the lender to the brink of collapse. ZURICH, June 5 (Reuters) - UBS Group (UBSG.S) takeover of Credit Suisse (CSGN.S), arranged by the Swiss authorities to stave off a broader banking crisis, is set to become official as early as June 12, the bank said on Monday. ![]()
0 Comments
Leave a Reply. |