CS - Bank of England clears UBS' $3.25B takeover of Credit Suisse in UK - report

2023-04-05 05:11:39 ET

The Bank of England is said to have cleared UBS' ( NYSE: UBS ) proposed $3.25B takeover of troubled rival Credit Suisse ( NYSE: CS ) in the U.K., less than three weeks after the acquisition was first announced, reflecting the urgency in closing the rescue deal.

It's unclear whether any conditions have been set for the approval from the central bank, according to a Reuters report . BoE usually takes up to 60 working days for change of control approvals.

UBS ( UBS ) needs 58 countries to clear the Credit Suisse ( CS ) deal. The banking giant reportedly secured a temporary green light from European antitrust regulators for the deal, but will still need to formally request for an approval.

The bank and Swiss authorities are aiming to close the deal in as soon as a month . UBS ( UBS ) even brought back Sergio Ermotti, who rebuilt and led the bank (2011-2020) in the aftermath of the global financial crisis, to guide the deal .

Meanwhile, Switzerland's attorney general office is looking into events surrounding the takeover to see if any laws were broken in pulling together the hastily arranged deal .

More on the Bank Crisis

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EU regulators to focus on liquidity rules after CS debacle

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UBS: Feasting Off The Credit Suisse Carcass

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