Stock Market News
UBS’s Dargan and Credit Suisse’s McDonagh to lead merger: newspaper
2023.03.25 10:10
© Reuters. Logos of Credit Suisse and UBS are seen on buildings as people demonstrate against the buying of Swiss bank Credit Suisse by UBS in front of the Credit Suisse headquarters in Zurich, Switzerland March 20, 2023. REUTERS/Denis Balibouse
ZURICH (Reuters) – The integration team tasked with merging Switzerland’s two largest banks is to be headed by UBS’s chief technology officer and Credit Suisse’s chief operating officer, the Tages-Anzeiger newspaper reported on Saturday.
Mike Dargan, who has been with UBS for 7 years, and Francesca McDonagh, who joined Credit Suisse last September, will be tasked with unifying the two banks.
It is unclear when the merger will be completed.
UBS has agreed to buy Credit Suisse for 3 billion Swiss francs ($3.26 billion) in stock and to assume up to 5 billion francs ($5.44 billion) in losses, in a merger engineered by Swiss authorities.
($1 = 0.9199 Swiss francs)
