BERLIN — UBS said Monday that it has completed its takeover of embattled rival Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil. A statement from the bank said that “UBS …
LONDON — A group of Credit Suisse investors have sued Swiss financial regulators after a government-engineered takeover of the struggling bank by rival UBS left them with billions in losses. The investors are contesting an order by the Swiss Financial Market Supervisory Authority, or FINMA, that wiped out about 16 billion Swiss francs in higher-risk Credit Suisse bonds as part …
Zurich, Switzerland: Holders of $17.3 billion worth of high-risk debt at troubled lender Credit Suisse will lose their investment as part of its rescue merger with Swiss rival UBS, regulators said. Swiss authorities required that 16 billion Swiss francs in so-called additional tier 1 bonds be written down in the mega-merger that was announced late Sunday. But Swiss authorities ordered …
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