UBS expects Credit Suisse takeover within weeks

STORY: UBS expects to complete its takeover of Credit Suisse "as early as June 12".

In a statement Monday (June 5), UBS also said the deal's completion depends on the U.S. Securities and Exchange Commission, and other closing conditions.

UBS agreed to pay $3.37 billion for its crisis-hit local rival earlier this year in a government-backed buyout.

The deal will create a giant Swiss bank with a balance sheet of $1.6 trillion.

UBS had aimed to finalize the biggest bank deal since the global financial crisis by late May or early June.

But it was still in talks with Swiss authorities over loss protections and capital requirements last month.

UBS said Credit Suisse shares will be delisted from the New York Stock Exchange and the main Swiss exchange. when the deal goes through.

The deal will create a group overseeing $5 trillion of assets, and 120,000 employees worldwide.

Though UBS already announced it will cut jobs to reduce costs.

It has rushed to close the transaction in record time.

That as it aims to give more certainty to Credit Suisse clients and employees, and to stop departures.

The deal was backed by financial support from the Swiss central bank.

Switzerland's government also committed to take on $9.8 billion in losses on top of those held by UBS.