UBS
completed its acquisition of
Credit Suisse,
ending the independence of a bank that played a significant role in Swiss history.
Monday is the last day Credit Suisse (ticker: CSGN.Switzerland) stock will trade. Credit Suisse’s American depositary receipts (CS) will also stop trading.
Although UBS will continue to operate Credit Suisse as a separate bank until it can integrate all of its operations, which it says could take three to five years, the completion of the merger marks the end of Credit Suisse’s 167-year history as a stand-alone entity.
It was founded as Schweizerische Kreditanstalt in 1856 to fund the construction of Swiss railroads. It set up banking and insurance companies and helped build Switzerland’s international reputation for banking. The bank also provided loans to help rebuild Europe after World War II.
Through decades of expansion and acquisitions, it grew into a global investment bank, one that regulators considered critical to the global financial system following the 2008-09 financial crisis.
Swiss authorities asked UBS to step in to save Credit Suisse when it lost investors’ and creditors’ confidence in March. The combination will almost certainly lead to the loss of thousands of jobs.
Write to Brian Swint at [email protected]
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