UBS has signalled it is on track to complete its acquisition of long-time rival Credit Suisse “as early as 12 June”.
The rapid timeline may surprise observers given the complexity and controversy around the deal, which was hastily agreed over a fraught weekend in March.
The banks, which are also among the world’s largest wealth managers, agreed to become one under the influence of the Swiss government amid fears of Credit Suisse’s collapse and the potential for contagion in the financial system.
The new entity will have around $1.6trn (£1.29trn, €1.5trn) in assets under management.
Despite the bullish statement from UBS, doubts over the deal still linger. Not least, an ongoing legal dispute stemming from the wipeout of the Credit Suisse contingent convertible bonds that occurred as part of the deal.
There is also a legal question mark over the Swiss parliament being sidelined by the government as it pushed the agreement through.
Even if the legal issues are settled and the deal is completed by 12 June that will be far from the end of the story, with the integration of the two vast businesses expected to take up to four years.
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