Geneva, April 26 (QNA) - Swiss UBS bank seeks to complete the "Credit Suisse" acquisition by the end of June, underscoring that the merger represents "a unique opportunity to create value."
Switzerland's largest bank reported a $1 billion net profit in the first quarter of 2023, well below expectations of $1.7 billion, but recorded significant capital inflows over the same period, reflecting customer confidence.
"Our solid underlying performance and strong inflows this quarter demonstrate that we continue to be a source of stability for our clients during periods of significant uncertainty. Our balance sheet for all seasons and a diversified and capital-generative business model allowed us to be part of the solution in a critical moment for the Swiss and global financial systems," UBS's Group CEO Sergio P. Ermotti said in a statement.
"With the planned acquisition of Credit Suisse, we are taking another transformational step in UBS's journey, while remaining committed to our culture, strategy and disciplined risk management. With this transaction, we expect to reinforce our position as a leading and truly global wealth manager with strategic scale and complementary capabilities in the most attractive growth markets."
"I am convinced that this transaction will help to reinforce the leading position of the Swiss financial center and will be of benefit to the entire economy. The combined firm presents a unique opportunity to generate significant, long-term value to all of our stakeholders."