UBS Group AG Finalizes Merger with Credit Suisse AG
UBS Group AG announced today the successful completion of its merger with Credit Suisse AG, facilitated by strong support from global regulators and within the expected timeline.
Following the merger, Credit Suisse AG has been deregistered from the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity. The company has assumed all rights and obligations of Credit Suisse AG, including outstanding debt instruments.
The merger enables the gradual migration of clients and operations from Credit Suisse to integrated Union Bank of Switzerland platforms, based on specific business and client needs. While Credit Suisse clients have become clients of Union Bank of Switzerland AG, they will continue to use existing Credit Suisse platforms and tools for an interim period, unless otherwise notified.
The company Group CEO Sergio P. Ermotti stated, “Today marks a significant milestone in our integration journey. The merger of our parent banks is crucial for the client migration to UBS platforms and will unlock cost, capital, funding, and tax benefits in the second half of 2024. As we enter this transitional phase of operational consolidation, we remain committed to serving our clients, executing our strategy, investing in our people, and supporting our communities.”
The transition to a single US intermediate holding company is scheduled for June 7, 2024, with the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG anticipated in the third quarter of 2024, pending remaining regulatory approvals.
