Amid growing public and political pressure within Switzerland, the country's largest bank is said to be working towards spinning off the Swiss part of Credit Suisse.
(Reporting by Noele Illien
Editing by Tomasz Janowski)
ZURICH, May 3 (Reuters) - UBS Chief Executive
Sergio Ermotti said on Wednesday that the Swiss bank was working
on closing its merger with Credit Suisse by the end of
May or early June.
Ermotti was speaking at the Finanz '23 conference in Zurich.
In March UBS agreed to takeover its struggling rival
Credit Suisse for 3 billion Swiss francs ($3.37 billion) and
said it would assume up to 5 billion ($5.61 billion) in losses
as part of a deal hastily arranged by Swiss authorities.
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