GENEVA (AP) – UBS said yesterday it’s bringing the Chief Executive Officer (CEO) of Credit Suisse on to its executive board and will keep the two banks operating separately “for the foreseeable future” as it moves forward with a high-profile merger expected to close within two weeks.
The two Zurich-based banks, longtime rivals, are uniting in a USD3.25 billion deal hastily arranged in March by Swiss government officials and regulators after Credit Suisse’s stock plunged and jittery depositors quickly pulled out their money. The merger aimed to stem upheaval in the global financial system after the collapse of two United States (US) banks that has shaken confidence in the sector.
“This is a pivotal moment for UBS, Credit Suisse and the entire banking industry,” said UBS CEO Sergio Ermotti.
