Swiss bank Credit Suisse (CS) expects its merger with UBS to be completed by the end of this year, RIA Novosti reports citing a letter from CS to its clients.
The merger will bring two global banks together “with complementary strengths and a deep understanding of each other’s business,” Credit Suisse said in a letter. At the same time, it is emphasized that Credit Suisse will continue its activities as usual. The bank claims that customers do not need to “take any action.”
“With regard to the use of your banking products and their contractual terms, nothing is currently changing. The entire line of products related to your accounts and cards can be used as usual, as well as all online and mobile banking services.
Recall, on March 19, the Swiss Central Bank announced that the largest bank in the country, UBS, is acquiring a credit institution in a crisis situation, Credit Suisse, for 3 billion francs ($3.2 billion).
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