UBS, Switzerland’s largest bank, has acquired Credit Suisse, the country’s second-largest bank, for 3 billion francs ($3.24 billion), according to a statement released by Credit Suisse.
The merger agreement between Credit Suisse and UBS was reached on Sunday, after intervention from Switzerland’s Federal Ministry of Finance, Swiss National Bank and the Swiss Financial Market Supervisory Authority (FINMA), as stated in the announcement.
Under the agreement, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares, totaling 3 billion francs.
Credit Suisse will continue to operate its business as usual and work with UBS to implement restructuring measures until the merger’s completion, according to the statement. The merger is expected to be completed by the end of 2023.
Earlier, the Swiss National Bank’s press service announced that UBS had acquired Credit Suisse. Initially, the bank proposed to buy Credit Suisse for approximately 1 billion francs, but later announced the doubled amount.