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LIVE: Updates from the UBS takeover of Credit Suisse and market implications

Updates as UBS holds analyst call, central banks from around the world issue statements and details of the merger come to light.

By Editors

March 19, 2023 9:06 PM GMT: UBS Chief Executive Officer Ralph Hamers

“We look forward to welcoming our new colleagues.”

Deal expected to close in the second quarter of 2023.

March 19, 2023 9:06 PM GMT: UBS Chairman Colm Kelleher analyst call

“It’s a historic day in Switzerland and a day we hoped would not come.”

“We did not initiate discussions…but is attractive to UBS shareholders”.

We plan to “de-risk and downsize Credit Suisse’s trading operations.”

March 19, 2023 8:45 PM GMT: Statement from The Bank of England


“We welcome the comprehensive set of actions set out by the Swiss authorities today in order to support financial stability. We have been engaging closely with international counterparts throughout the preparations for today’s announcements and will continue to support their implementation. The UK banking system is well capitalised and funded, and remains safe and sound.”

March 19, 2023 8:00 PM GMT: Joint Statement by the Department of the Treasury and Federal Reserve

“We welcome the announcements by the Swiss authorities today to support financial stability. The capital and liquidity positions of the U.S. banking system are strong, and the U.S. financial system is resilient. We have been in close contact with our international counterparts to support their implementation.”

March 19, 2023 7:23 PM GMT: FINMA says there will be a “complete write-down of the nominal value of all AT1 shares of Credit Suisse”

“In close coordination with FINMA, the Swiss Confederation and the SNB, UBS will take over Credit Suisse in full. The extraordinary government support will trigger a complete write-down of the nominal value of all AT1 shares of Credit Suisse in the amount of around CHF 16 billion, and thus an increase in core capital,” says The Swiss Financial Market Supervisory Authority FINMA.

March 19, 2023 7:23 PM GMT: Investment banking update

Statement from UBS: “UBS Investment Bank will reinforce its global competitive position with institutional, corporate and wealth management clients through the acceleration of strategic goals in Global Banking while managing down the rest of Credit Suisse’s Investment Bank. The combined investment banking businesses accounts for approximately 25% of Group risk weighted assets.”

March 19, 2023 7:23 PM GMT: BREAKING NEWS – UBS agrees landmark takeover of Credit Suisse after intervention from Swiss authorities

Banks both confirm the deal after Swiss National Bank announced the takeover was to “protect the Swiss economy” in an “exceptional situation” during a weekend to remember in the financial services space.

Under the terms of the all-share transaction, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held, equivalent to CHF0.76/share for a total consideration of CCH3 billion [$3.25 billion].