UBS delayed its financial reports after the Credit Suisse acquisition.
UBS and Credit Suisse are considering postponing second-quarter results for as long as possible. This decision was made to buy more time as UBS deals with the financial and political complexities of the Credit Suisse bailout.
UBS Postpones Financial Report Disclosure to Buy Time
Although UBS is scheduled to release its results on July 25, sources said, executives are considering postponing publication until the end of August in order to provide updates on Credit Suisse’s local activities.
Credit Suisse’s bailout deal is considered the most important and complex banking merger since the financial crisis, conceived by the Swiss authorities. However, parts of the deal have been criticized by politicians and lawyers.
UBS executives hoped the deal would be completed by early June, as it had already been approved by the EU’s competition authorities. However, the Swiss government’s support is yet to be finalized, so it is expected to be completed this week at the earliest.
UBS’s finance team is faced with another challenge: merging the different accounting standards of the two banks. UBS follows the International Financial Reporting Standards, while Credit Suisse uses the Generally Accepted Accounting Principles commonly used by US companies.
62465
