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.

UBS has signed an agreement with the Swiss government to cover up to 9 billion Swiss francs ($10.00 billion) in losses from its emergency takeover of Credit Suisse , the country's largest bank and government said on Friday.

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.

Upon completion, Credit Suisse's shares and American depositary shares will be delisted from the SIX Swiss Exchange and the New York Stock Exchange, UBS

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 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.