UBS warns of $17 billion in damages from Credit Suisse takeover

May 17 (Reuters) – UBS Group AG expects about $17 billion in financial losses from its takeover of rival Credit Suisse Group AG, the Swiss bank said in a presentation on Wednesday.

UBS estimates the negative impact of adjusting the assets and liabilities of the future combined group at $13 billion. The lender said another $4 billion could cost potential litigation and legal settlements related to the outflow of funds.

UBS, however, expects a one-off increase in its balance sheet total of $34.8 billion. due to the purchase of Credit Suisse for much less than its value.

The original message in English is available via code (John Revill, Noel Ilyan, Nupur Anand and Manya Saini)