In March this year, UBS agreed to pay 3 billion Swiss francs or $3.37 billion and assume upto 5 billion francs in losses for Credit Suisse after lowered customer confidence brought it to the brink of collapse.
UBS, in a Tuesday filing to the US Securities and Exchange Commission, told investors it had less than four days to conduct due diligence given the "emergency circumstances". It estimated a hit of about $17 billion from the takeover.
Switzerland's parliament rejected on Wednesday the government's 109 billion Swiss francs ($120.82 billion) aid for Credit Suisse's merger with UBS, leaving the fallen bank's hastily arranged rescue without a largely symbolic parliamentary blessing.