UBS has identified at least four countries, including South Korea and India, as being "slow" to grant the regulatory approvals needed to complete its takeover of Credit Suisse, an internal document reviewed by Reuters shows.
The Reserve Bank of India has allowed UBS to retain the banking license of Credit Suisse in India, as UBS plans to cut over half of Credit Suisse s workforce. UBS also has yet to decide on the future of the Swiss domestic business it acquired from Credit Suisse.
UBS said on Monday it will complete its takeover of Credit Suisse "as early as June 12", creating a giant Swiss bank with a balance sheet of $1.6 trillion following a government-backed rescue earlier this year.