Credit Suisse CEO, Urs Rohner, informed employees that the completion of UBS's acquisition of the bank will take place on Monday, according to a memo seen by Bloomberg News. Rohner stated in the memo distributed to employees on Friday that "as Monday draws this chapter of our history to a close, it also marks the beginning of an exciting new future...Monday will be a historic day for our bank and a pivotal moment for UBS, Switzerland, and the financial services industry as a whole."
The acquisition of Credit Suisse by UBS is expected to create a new European banking giant. This marks the end of a few tumultuous months for the industry, during which the Swiss lender struggled to survive its problems but ultimately failed.
Rohner acknowledged in the memo that there are still many questions about how this deal will affect Credit Suisse employees. He added that "the legal closing on Monday is the next important step as we work to provide you with the answers you need as soon as possible."
Representatives for Credit Suisse and UBS declined to comment on the memo.
