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Credit Suisse CEO memo signals UBS deal to close Monday

Credit Suisse CEO memo signals UBS deal to close Monday

Business

Says it is also the beginning of a new and exciting future

ZURICH (Reuters) – Credit Suisse Group Chief Executive Ulrich Koerner has indicated that the emergency takeover of the bank by UBS will close on Monday, Bloomberg News reported on Saturday, citing an internal memo.

"While Monday brings to an end this chapter in our history, it is also the beginning of a new and exciting future," Koerner said in a memo to employees. "Monday's legal close is the next important step as we work to get you the answers you need as quickly as possible."

On Friday, UBS Chief Executive Sergio Ermotti hinted the takeover of Credit Suisse would close on Monday, the earliest expected date.

Read more: UBS expects to seal Credit Suisse takeover as soon as June 12

Earlier, the Swiss government agreed with UBS to guarantee up to 9 billion Swiss francs ($9.96 billion) of losses the bank may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself.

Read more: UBS agrees with Swiss government on Credit Suisse loss guarantee

UBS declined to comment, while Credit Suisse did not immediately respond to a Reuters request for comment.