Chairman of UBS: Let’s be clear, we just saved Credit Suisse

A marriage born of pain rather than love.

After much speculation and with markets on the cusp of a panic Monday morning at the hands of an ongoing banking crisis, UBS solidified its blockbuster acquisition of struggling Credit Suisse on Sunday afternoon.

Some key points behind the deal:

  • Purchase price: Over $3 billion

  • Who will lead the combined entity: Colm Kelleher, Chairman of UBS, and Ralph Hamers, CEO of UBS

  • Other: UBS sees accretive deal for EPS by 2027; The investment bank Credit Suisse will be liquidated; Total annualized cost savings of $8 billion by 2027; Both banks have unlimited access to the existing facilities of the Swiss National Bank.

“This acquisition is attractive to UBS shareholders but, let’s be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” UBS Chairman Colm Kelleher said in a statement. a not too veiled photo of Credit Suisse. board of directors and management team.

The deal may help calm the nervous financial system at large, but could upset UBS shareholders, a former top UBS executive told Yahoo Finance.

“You go from being the best managed Swiss bank in UBS with a clear strategy to owning the worst,” the source added.

UBS declined to make CEO Ralph Hamers available for an interview. Credit Suisse declined to make outgoing chairman Axel Lehmann available for an interview.

This is breaking news and will be updated.

Brian Sozzi is the editor of Yahoo Finance. Follow Sozzi on Twitter @BrianSozzi and on LinkedIn. Advice on the banking crisis? Email

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