UBS Says Will Complete Credit Suisse Takeover In Q2

UBS said on Tuesday it would likely complete its takeover of stricken rival Credit Suisse in the second quarter, as the bank posted a first quarter net profit of US$1.03 billion.

"We are focused on completing the acquisition of Credit Suisse, most likely in the second quarter of 2023," Switzerland's biggest bank said in a statement on its first quarter results.

It added: "This combination presents a unique opportunity to bring significant, long-term value to all of our stakeholders."

Net profit attributable to shareholders came in at US$1.03 billion versus the US$1.71 billion average of 15 analyst estimates in a UBS-conducted poll.

The bank reported inflows of US$42 billion in the first three months of the year.

Its flagship wealth management division received US$28 billion in net new money, US$7 billion of which came in the last ten days of March.

Scandal-plagued Credit Suisse had been brought to its knees after clients left in droves amid global banking sector turmoil.

Under the deal hastily engineered by Swiss authorities, UBS agreed to take it over for 3 billion Swiss francs (US$3.38 billion) and to assume up to 5 billion francs in losses. (AFP/Reuters)