The Swiss Times - Swiss News in English

End of an era: UBS officially absorbs Credit Suisse

  • By The Swiss Times
  • 12 June 2023
Switzerland’s two largest banks have officially consolidated three months after the government announced the shotgun merger. Critics of the merger say the ‘Monster Bank’ is too big for the nation.
End of an era: UBS officially absorbs Credit Suisse
Protesters gather in front of Credit Suisse’s Zurich headquarters after the announcement of the shotgun merger in March, 2023 (Keystone SDA).

(Keystone SDA) The merger of the Switzerland’s two biggest banks is complete.

“UBS has completed the legal process of taking over Credit Suisse,” according to an open letter from the new bank published in various Swiss newspapers on Monday. In the open letter, “UBS” speaks of the “beginning of a new chapter – for UBS, the Swiss financial center and the global financial industry.”

The bank will “bundle expertise, scale and leadership in wealth management to create an even stronger combined company” that will especially benefit customers in Switzerland. The aim is to ensure “stable conditions.”

The bank also made a promise: “We will focus on our customers – private individuals, entrepreneurs, companies – and help them to protect and build their wealth and achieve their goals.”

End of an era: UBS officially absorbs Credit Suisse
An open letter from UBS that the bank “has completed the legal closing of its acquisition of Credit Suisse” on June 12, 2023 (Keystone SDA).

The bank says it will continue to rely on “our strong UBS corporate culture, our conservative risk approach and our high service quality” – and will not make any compromises. In the letter, the bank also has “no doubts” that “we will successfully complete this takeover.”

Last Friday, UBS and the federal government signed the necessary agreement on loss guarantees from the takeover of CS. Today is also likely to be the last trading day for CS shares on the SIX Swiss Exchange.

This article may be freely shared and re-printed, provided that it prominently links back to the original article.

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