UBS reaches milestone in Credit Suisse absorption as parent companies merge

ZURICH, May 31 (Reuters) – UBS (UBSG.S), opens new tab on Friday completed the merger of the main parent companies of the Swiss bank and Credit Suisse, which it acquired last year after its longtime rival collapsed, putting an end to one of the bastions of the country’s financial sector.

Shares in UBS ticked upwards after the business announced it had succeeded to all the rights and obligations of Credit Suisse, including all outstanding Credit Suisse debt instruments, and were trading up by 1.35% at around 1106 GMT.

The merger concluded within the planned timeline and was facilitated by strong support from global regulators, said UBS, whose shares have jumped about two-thirds since it snapped up Credit Suisse for 3 billion Swiss francs ($3.3 billion).

Source: REUTER