UBS completes Credit Suisse takeover

By Gokhan Ergocun

ISTANBUL (AA) - Swiss private lender UBS said Monday it has completed the takeover of its rival Credit Suisse.

UBS said: "Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group."

Credit Suisse, which was in deep financial trouble, was taken over by its rival UBS in March for some $3.2 billion.

It stressed that Credit Suisse's shares will no longer be traded on the New York Stock Exchange and shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares.

UBS will manage two separate banks under the names of UBS AG and Credit Suisse AG and each lender will continue to have its own subsidiaries and branches.

The statement also announced that Lukas Gahwiler will be chair of Credit Suisse's board.