UBS said it's signed a loss protection agreement with the Swiss government covering up to 9 billion francs ($10 billion) of losses once the takeover of Credit Suisse is completed.

Swiss banking giant UBS is expected to complete its takeover of crisis-hit domestic rival Credit Suisse as early as June 12, the two lenders said on Monday."UBS expects to complete the acquisition of Credit Suisse as early as 12 June 2023.

UBS is reportedly considering delaying its financial results from July 25 to late August due to the complex issues involved in the takeover of Credit Suisse.

UBS Group (UBD) plans to fortify its talent pool across Asia to better compete with its rival with a stronger presence by retaining more than 100 investment bankers of Credit Suisse post the merger.

A logo of Swiss bank UBS is seen in Zurich, Switzerland March 29, 2023. REUTERS/Denis Balibouse

UBS Group AG sealed an agreement with the Swiss government to cover 9 billion Swiss franc ($9.9 billion) of losses it could incur from the rescue of Credit Suisse Group AG, clearing a major hurdle to closing the historic takeover.