ZURICH (Reuters) – UBS Chief Executive Sergio Ermotti said on Wednesday that the Swiss bank was working on closing its merger with Credit Suisse by the end of May or early June.
Ermotti was speaking at the Finanz ’23 conference in Zurich.
In March UBS agreed to takeover its struggling rival Credit Suisse for 3 billion Swiss francs ($3.37 billion) and said it would assume up to 5 billion ($5.61 billion) in losses as part of a deal hastily arranged by Swiss authorities.
Amid growing public and political pressure within Switzerland, the country’s largest bank is said to be working towards spinning off the Swiss part of Credit Suisse.
(Reporting by Noele Illien; Editing by Tomasz Janowski)
