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UBS reported Monday that it has finalized its takeover of Credit score Suisse AG, ending a monthslong saga that noticed the collapse of 1 of Switzerland’s biggest money establishments.
The financial institution declared that completion in an open letter to Swiss, German-language daily newspaper, NZZ and other intercontinental publications, describing the deal as “the starting of a new, historic chapter.”
UBS
UBS,
UBSG,
agreed to purchase its rival for an to begin with announced 3 billion francs ($3.3 billion) just after Credit history Suisse
CS,
CSGN,
was unable to stem outflows from its rich consumers.
UBS said Friday that it has signed a loss security settlement with the Swiss federal government masking up to 9 billion francs ($10 billion) of losses at the time the takeover of Credit history Suisse is concluded.
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