UBS Bank is considering a one-month delay in the release of its second quarter financial statements. How informs The Financial Times (FT), which has become aware of these plans, may postpone the publication of UBS financials due to the need to first resolve the numerous financial and political problems associated with the purchase of Credit Suisse.
UBS’s quarterly financials are due on July 25, but the bank’s management would like to publish them at the end of August, when it will be possible to present investors with specific plans for Credit Suisse’s business in Switzerland, the FT reports citing informed sources.
After the announcement of the merger of the two largest banks in Switzerland, it was expected that this procedure would be completed by early June. But if the European regulators have already given all the necessary permissions, not all issues have been resolved with the Swiss government. Even if the process goes quickly, these issues will not be resolved until the next week, FT sources say. In addition, it is difficult to combine the accounting systems of two banks that use different accounting standards: UBS uses International Financial Reporting Standards (IFRS), Credit Suisse uses generally accepted accounting principles (GAAP).