Credit Suisse Group AG Chief Executive Ulrich Koerner has indicated to employees that the bank’s takeover by UBS AG will close on Monday, according to a memo seen by Bloomberg News.
“While Monday brings to an end this chapter in our history, it is also the beginning of a new and exciting future,” Koerner said in the memo, which was circulated to employees on Friday. “Monday will be a historic day for our bank and a pivotal moment for UBS, Switzerland and for the entire financial services industry.”
UBS’s acquisition of Credit Suisse is set to create a new European banking giant. It marks an end to a fraught few months for the industry, as the embattled Swiss lender struggled and failed to stay afloat.
In the memo, Koerner said he recognized that many questions about how this deal will affect staff at Credit Suisse still remain. “Monday’s legal close is the next important step as we work to get you the answers you need as quickly as possible.”
A spokeswoman for Credit Suisse declined to comment on the memo. Represantives from UBS were not immediately available to comment outside of normal business hours.
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