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Credit Suisse CEO memo signals UBS deal to close Monday

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© Reuters. Swiss and Canton de Geneve flags are seen on a building of Swiss bank Credit Suisse in Geneva, Switzerland, June 7, 2023. REUTERS/Denis Balibouse

(Reuters) -Credit Suisse Group AG Chief Executive Ulrich Koerner has indicated that the emergency takeover of the bank by UBS AG will close on Monday, Bloomberg News reported on Saturday, citing an internal memo.

“While Monday brings to an end this chapter in our history, it is also the beginning of a new and exciting future,” Koerner said in a memo to employees. “Monday’s legal close is the next important step as we work to get you the answers you need as quickly as possible.”

On Friday, UBS Chief Executive Sergio Ermotti hinted the takeover of Credit Suisse would close on Monday, the earliest expected date.

Earlier on Friday, the Swiss government agreed with UBS to guarantee up to 9 billion Swiss francs ($9.96 billion) of losses the bank may incur from the sale of its rival’s assets beyond 5 billion francs the lender is due to cover itself.

UBS declined to comment, while Credit Suisse did not immediately respond to a Reuters request for comment.

($1 = 0.9038 Swiss francs)

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