👀 Ones to watch: Undervalued stocks to buy before they report Q3 earningsSee Undervalued Stocks

UBS's Dargan and Credit Suisse's McDonagh to lead merger: newspaper

Published 25/03/2023, 11:01
© Reuters. Logos of Credit Suisse and UBS are seen on buildings as people demonstrate against the buying of Swiss bank Credit Suisse by UBS in front of the Credit Suisse headquarters in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse

ZURICH (Reuters) - The integration team tasked with merging Switzerland's two largest banks is to be headed by UBS's chief technology officer and Credit Suisse (SIX:CSGN)'s chief operating officer, the Tages-Anzeiger newspaper reported on Saturday.

Mike Dargan, who has been with UBS for 7 years, and Francesca McDonagh, who joined Credit Suisse last September, will be tasked with unifying the two banks.

It is unclear when the merger will be completed.

© Reuters. Logos of Credit Suisse and UBS are seen on buildings as people demonstrate against the buying of Swiss bank Credit Suisse by UBS in front of the Credit Suisse headquarters in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse

UBS has agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock and to assume up to 5 billion francs ($5.44 billion) in losses, in a merger engineered by Swiss authorities.

($1 = 0.9199 Swiss francs)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.