USB (Union Bank of Switzerland) revealed its biggest profit in the second quarter of its emergency takeover of Credit Suisse. The USB declares that it will be competing with its former rival by implementing the local business of Suisse in the next year.
The bank sent letters to their clients, in that letter they highlighted that the 166-year-old firm winded down trading in global securities.
"Going forward, UBS shall focus on consolidating new client activity through UBS legal entities," the letter seen by Reuters on Wednesday said.
The USB took a step forward in its trucky path to shallow down the Suisse in the first-ever merger of the two biggest and major global banks. Swiss is able to conduct successfully the integration. The main key of the integration is holding the existing Credit Suisse clients.
On Thursday, USB will report the second-quarter earnings and profits. Credit Suisse clients are unable to increase in position and maturity extension which will lead to huge trades of assets from stock to currencies.
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