The takeover should be completed in the next few days.
(Photo: IMAGO/Future Image)
Bangalore According to an agency report, the major Swiss bank UBS wants to expand its Asia business with the help of CS employees after taking over Credit Suisse (CS). The bank is in advanced talks to acquire more than 100 investment bankers in locations including South Korea, Thailand, Vietnam and India, Bloomberg reported on Sunday, citing people familiar with the matter. The final number depends on the regulators.
UBS did not immediately respond to a Reuters request for comment. CS declined to comment.
In May, insiders reported that employees, especially in investment banking and in the Asia-Pacific and America regions, wanted to leave the group because of uncertain job prospects.
UBS expects the acquisition to close by June 12
The emergency takeover of the major Swiss bank Credit Suisse is to be completed on June 12. At this point in time, Credit Suisse will be merged into UBS, UBS announced on Monday in Zurich. The execution is still subject to the approval of the US Securities and Exchange Commission (SEC).
UBS itself must also consider the other closing conditions to be met or refrain from complying with them. Credit Suisse stock and its US Depositary Receipts (ADS) would then be taken off the Swiss Stock Exchange Six and the New York Stock Exchange Nyse.
More: Top managers are increasingly buying shares in three Dax companies