UBS will take over Credit Suisse CEO as merger closes in 2 weeks

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GENEVA (AP) – UBS said Tuesday it is bringing the CEO of Credit Suisse to its executive board and will continue to operate the two banks separately “for the foreseeable future” as it prepares for a high-profile merger. Proceeds that are expected to close within two weeks. ,

Two Zurich-based banks, longtime rivals, are uniting for $3.25 billion The deal hastily arranged in March Credit Suisse shares fell after Swiss government officials and regulators and troubled depositors quickly pulled their money. The merger was intended to stem the turmoil in the global financial system following the collapse of two US banks, which shook confidence in the region.

“This is an important moment for UBS, Credit Suisse and the entire banking industry,” said Sergio Ermotti, CEO of UBS. brought back to the bank To help you see the deal.

“Together we will strengthen and represent the Swiss model for finance around the world, which is capital-light, less reliant on risk-taking and associated with stability and high-touch service,” he added.

UBS announced a number of high-level appointments, including Credit Suisse CEO Ulrich Körner who will join its executive board with the task of “supporting the integration process, ensuring Credit Suisse's operational continuity and customer focus”.

“UBS AG and Credit Suisse AG will continue to operate independently for the foreseeable future and UBS will conduct a phased integration,” UBS said.

The Swiss attorney general's office has launched an investigation into the events surrounding Credit Suisse before the UBS takeover, and the executive branch on Wednesday ordered the bonuses of top Credit Suisse executives to be cut.

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