(MENAFN- Trend News Agency) The Swiss authorities and UBS Group AG are racing to close the
takeover of Credit Suisse Group AG within as little as a month,
according to two sources with knowledge of the plans, to try to
retain the lender's clients and employees, trend reports citing reuters .
But combining Credit Suisse into UBS could take much longer,
potentially months, because the deal needs approval from regulators
in tens of countries, the people said, seeking anonymity given the
sensitivity of the matter.
Spokespeople for UBS and Credit Suisse declined to comment.
"UBS has made a full commitment to the takeover of Credit
Suisse... Now it is extremely important that both parties do
everything possible that the takeover will be successful," Thomas
Jordan, Swiss National Bank Chairman said on Thursday, adding the
next two weeks would be crucial.
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