UBS on to complete Credit Suisse takeover by June 12

Berlin: Switzerland's UBS said Monday that it expects to complete its takeover of longtime rival Credit Suisse as early as next week.

The two Zurich-based banks, longtime rivals, are uniting in a 3 billion-franc ($3.3 billion) deal that was arranged hastily in March by the Swiss government and regulators after Credit Suisse's stock plunged and jittery depositors quickly pulled out their money. The merger was aimed at stemming upheaval in the global financial system after the collapse of two US banks shook confidence in the sector. The takeover will leave UBS as Switzerland's single banking titan.