UBS said it had concluded in February that buying its stricken rival Credit Suisse was not desirable, but that it should prepare in case the lender encountered 'serious financial difficulties'.
for 3 billion Swiss francs and said it would assume up to 5 billion in losses, as part of a rescue that is backed by as much as 250 billion Swiss francs of state support.
The Swiss authorities and UBS Group AG have been racing to close the takeover as soon as possible in an effort to retain the lender's clients and employees, Reuters has reported. UBS said in the filing that the merger still required approval from regulators in the European Union, India, Japan, Mexico and South Korea.
Last month, UBS secured temporary approval from European Union antitrust regulators, while the U.S. Federal Reserve approved the UBS Group's acquisition of Credit Suisse's U.S. subsidiaries.
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