UBS is confident of completing its shotgun takeover of local rival Credit Suisse within the next seven days, the bank has said.

In a statement issued on Monday, UBS said: "UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023. At that time, Credit Suisse Group AG will be merged into UBS Group AG.”

While the deal was largely waved through by Swiss authorities, its completion is still subject to the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission, and other remaining closing conditions.

UBS agreed a CHF3 billion ($3.37 billion) deal to acquire Credit Suisse on March 19 after a collapse in customer confidence left the latter on the brink of collapse. UBS will also assume up to CHF5 billion in losses, with the combined banks to have a balance sheet of over $1.6 trillion.

Following the completion of the merger, Credit Suisse shares and American Depositary Shares (ADS) will be delisted from the SIX Swiss Exchange (SIX) and the New York Stock Exchange (NYSE). Credit Suisse shareholders will receive one UBS share for every 22.48 shares they held.

One of UBS’s first actions will be significant job cuts, with both banks having a combined total of 120,000 staff on the books globally. UBS also hopes to close the deal swiftly in order to plug a hole at Credit Suisse which has seen hundreds of bankers jump ship to their rivals for greater job security.

The intention to carry out “painful” decisions was reiterated by UBS chief exec Sergio Ermotti, who last week at a conference said that “this is an acquisition not a merger.”

He added: "I am convinced this is going to be a great story not only for our shareholders and employees but also for our clients and for the financial services industry in Switzerland.”

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