HomeFinancial MarketsUBS Completes Credit Suisse Takeover Following State-Assisted Intervention

UBS Completes Credit Suisse Takeover Following State-Assisted Intervention

UBS confirmed on Monday that it has completed its takeover of Credit Suisse, almost three months after embarking on a Swiss government-backed acquisition of the investment bank.

“This is a very important moment — not just for UBS, (but) for Switzerland as a financial location and for Switzerland as a country,” UBS CEO Sergio Ermotti confirmed. “So we do feel the responsibility, but we are fully motivated.” This takeover was largely seen as an effort to save Switzerland’s reputation as the global financial center while also fending off banking sector instability.

Credit Suisse was plunged into financial danger following an array of controversies, including poor decision-making when choosing hedge funds to back, a failure to prevent money laundering, and accusations of failing to report secret offshore accounts used by wealthy Americans to avoid paying U.S. taxes.

In addition to the company’s assets, UBS is also set to inherit Credit Suisse’s ongoing cases, including a ruling in Singapore that the bank owes former Georgian Prime Minister Bidzina Ivanishvili hundreds of millions of dollars after failing to protect his funds from being pilfered by a manager.

Marriott Projects Revenue Growth Amid Resilient Travel Demand

Marriott International forecasted on Wednesday that 3% to 6% growth in its annualized global revenue per available room for the two years ending 2025 as the...

Dollar and Stocks Steady as Bonds Ease From Record Highs

The U.S. dollar and stocks in New York stabilized on Wednesday, while U.S. Treasury Yields retreated from their 16-year high, easing pressure on the...

New Home Sales Plummet in August

Sales of new U.S. single-family homes plunged in August as the 30-year mortgage rate rose past 7%, thereby discouraging would-be buyers. According to data...