UBS Group AG said it will release its second-quarter financial results on August 31, giving the bank more than five extra weeks to combine its financial statements with those of Credit Suisse Group AG.
(Bloomberg) — UBS Group AG said it will release its second-quarter financial results on August 31, giving the bank more than five extra weeks to combine its financial statements with those of Credit Suisse Group AG.
The acquisition of Credit Suisse is expected to close as early as June 12 and the bank had guided it may need to delay results from the original scheduled date of July 25, pending the deal closure. UBS disclosed the new earnings date on its website on Wednesday.
The deal, agreed in March with the backing of the Swiss government amid fears that the smaller competitor was hurtling toward failure, will reshape the global battle for the lucrative business of managing elite wealth. It will create a megabank that not only dwarfs every other Swiss leader but is double the size of the nation’s economy.
UBS said last month that it will make a decision on the future of Credit Suisse’s domestic Swiss unit in the third quarter of this year.
“As of now no decision has been made on whether UBS Group AG and Credit Suisse will fully integrate into a single brand in Switzerland or on an international scale or if there will be additional spin-off of any material Credit Suisse business units,” UBS said in a regulatory filing.
UBS will benefit from a more-than two year grace period before Switzerland imposes higher capital requirements related to its takeover of its smaller rival. The capital increase triggered by the combined bank’s larger size will be phased in from early 2026.
The bank expects that it will finalize the terms of a 9 billion Swiss franc ($9.9 billion) state guarantee that was part of the deal on June 7.
Read more: UBS Wins More Than Two Years’ Grace on Swiss Capital Rules (1)
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