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2020s: Revival of the "First Boston" Brand On October 27, 2022, Credit Suisse announced a "radical" restructuring of its investment bank, taking "extensive measures" which will see it return to the "First Boston" brand as an independent Capital Markets and Advisory bank.
Following the acquisition, Credit Suisse and its American Depositary Shares will be delisted from the SIX Swiss Exchange and New York Stock Exchange, with shareholders receiving one UBS share for every 22.48 Credit Suisse shares held.
But in recent years, Credit Suisse and its employees have been investigated, fined, made settlements and even been imprisoned for various money laundering, corruption, tax evasion and even corporate espionage scandals. Credit Suisse's scandals are truly global in nature.
On 19 March 2023, following negotiations with the Swiss government, UBS announced its intent to acquire Credit Suisse for $3.25 billion (CHF 3 billion) in order to prevent the bank's collapse. UBS completed the acquisition in June 2023.
Zurich, 12 June 2023 ? UBS has completed the acquisition of Credit Suisse today, crossing an important milestone.
You are still a client of Credit Suisse and the full suite of products and services remains at your disposal. All of your banking transactions can be carried out as usual and you may also conduct new business with Credit Suisse at any time. Your relationship with your client advisor also remains the same.
CS First Boston (2022?present) UBS began the process of acquiring Credit Suisse in March 2023. During the acquisition process, UBS reportedly informed staff at Credit Suisse that it would likely bring bankers into UBS rather than pursue the First Boston spinoff.
Following several years of scandals, Switzerland's Credit Suisse bank collapsed in March 2023. It was purchased by Swiss rival UBS for about $3.3 billion in a deal approved by Swiss regulators without shareholder approval.