UBS tax evasion controversies

Swiss banking giant UBS reported better-than-expected earnings on Wednesday as the integration of Credit Suisse led to lower costs.

The group reported a net profit of more than $1.1 billion for the quarter from April to June, well above the median analyst forecast of $608 million.

A famous Greek singer is under scrutiny by a prosecutor and relevant authorities for money laundering and tax evasion amounting to 1.5 million euros.

UBS is set to finalise the takeover of Credit Suisse today, but the hardest part is yet to come: turning the arranged marriage of Switzerland's biggest banks into a success.

On June 5, the two Zurich-based banks announced that the merger should be completed on June 12.

A merger this complex could turn out to be a nightmare, particularly given how little time UBS has had.

Switzerland's biggest bank UBS on June 7 pushed back the publication of its quarterly results by over a month as it completes its acquisition of fallen rival Credit Suisse.

The bank pushed the publication of second quarter results initially planned for July 25, to Aug. 31.