UBS takes a step forward with Credit Suisse integration
Published: Thursday, Dec 7th 2023, 16:20
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The integration of Credit Suisse into UBS is one step closer: around six months after the definitive takeover of Credit Suisse Group by UBS Group, the merger agreement between the operating companies UBS AG and Credit Suisse AG has now been signed.
The Boards of Directors of UBS Group and the two companies have approved the merger, the big bank announced on Thursday. Subsequently, UBS AG and Credit Suisse AG have concluded a definitive merger agreement. The merger is therefore expected to be completed in 2024, subject to regulatory approvals.
Important milestone
At the time of the definitive takeover of the CS Group on June 12, 2023, UBS Group had already announced that it would initially operate two separate companies, UBS AG and Credit Suisse AG. For their part, these companies will continue to operate their subsidiaries and branches and serve their clients.
The merger of UBS AG and CS AG in 2024 was announced by UBS CEO Sergio Ermotti at the presentation of the third-quarter figures as an important milestone for 2024. The merger of the two legal entities is likely to be an important prerequisite for the further integration of the two banks, for example for the migration of clients in the core businesses, but also for the merger of important subsidiaries.
UBS is also continuing to prepare the planned merger of UBS Switzerland AG and Credit Suisse (Switzerland) AG, as detailed in the press release issued on Thursday. The merger of the two Swiss companies is also still expected to take place in 2024.
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