The Upside Down Merger of Credit Suisse and UBS: With the takeover of Credit Suisse, its buyer UBS is in uncharted territory, forcing the bank's management to take an unconventional approach. Integration comes before the completion of… merger sequence
With the takeover of Credit Suisse, its buyer UBS is in uncharted territory, forcing the bank's management to take an unconventional approach. Integration comes before the completion of the merger with the review of deals happening somewhere along the way.
UBS confirmed as much yesterday, as reported by finews.com, saying it expects the legal closing of the transaction to take place in the next few weeks.Surprisingly and at the same time, Ermotti decided UBS and Credit Suisse will operate as separate companies until further notice. Credit Suisse will continue to manage its businesses and clients under the watchful eye of UBS management with its managers for months, long after their shares have long since been exchanged for those of UBS.
It is instructive that as recently as February, UBS had no interest in taking over its competitor. Then in March, when Credit Suisse was caught up in the banking turmoil emanating from the US, UBS only had a few days to conduct a hasty initial due diligence before the takeover. Michelle Bereaux, the UBS banker appointed to be in charge of integration, will deal with this. If she gets the green light from the «cleaners,» she will merge Credit Suisse with UBS piece by piece. UBS retains the flexibility to outsource certain areas, sell them on the stock exchange or to third parties, or slowly digest them into the non-core unit.
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