UBS Says the Company Was Rushed Into an Unwanted Rescue Merger of Credit Suisse

UBS Group AG was rushed into buying cross-town rival Credit Suisse Group AG in a deal it did not want, as a global bank crisis worsened the latter’s finances and prompted authorities to take swift action, a regulatory filing showed.

UBS, in a Tuesday filing to the U.S. 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 biggest bank agreed to buy its smaller rival after the latter had endured a difficult year.

Read the source article at finance.yahoo.com