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 set to close its controversial purchase of collapsed peer Credit Suisse next week, after sealing a loss protection agreement with the Swiss government to cover the sale of some assets. Here are

UBS and the Swiss government have agreed on how they will share losses linked to the bank’s emergency takeover of Credit Suisse, which will create a giant Swiss bank. The agreement clears the way for the takeover to close within days,

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.

The Swiss government made good on its pledge to indemnify banking giant UBS for losses from its $3.2 billion takeover of rival Credit Suisse on Friday, three days before the deal becomes final.