UBS Group AG expects a financial hit of about $17 billion from the takeover of Credit Suisse Group AG , the bank said in a presentation early on Wednesday as it prepares to complete the rescue of its struggling Swiss rival.
The bank also said it might book restructuring provisions after that, but offered no numbers.
In certain cases, Credit Suisse cannot grant a new credit facility or credit line exceeding 100 million Swiss francs to investment grade borrowers or more than 50 million francs to non-investment grade borrowers, a UBS filing showed. The filing shows Credit Suisse cannot order any "material amendments" to its employee terms and conditions, including remuneration and pension entitlements, till deal closure.
UBS signaled no quick turnaround for the 167-year-old Credit Suisse, which came to the brink of collapse during the recent banking sector turmoil after years of scandals and losses.
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