UBS completes merger of UBS Switzerland and CS Switzerland
Published: Monday, Jul 1st 2024, 12:00
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The major bank UBS has taken a decisive step forward in the integration of Credit Suisse. The merger of the local legal entities - UBS Switzerland and CS Switzerland - has been completed.
Following approval by the authorities, the merger of the national companies was officially completed on Monday (today), according to a statement from the banking group. Credit Suisse (Schweiz) AG has thus also been deleted from the Commercial Register of the Canton of Zurich and no longer exists as a separate legal entity. All rights and obligations of Credit Suisse (Schweiz) AG have thus been transferred to UBS Switzerland.
According to UBS, the merger will now enable the gradual migration of client transactions in the Swiss business to UBS systems. The majority of this should take place in 2025.
Helfenstein leaves
In addition, André Helfenstein, CEO of Credit Suisse (Switzerland) Ltd, has announced his departure following the merger. "Since the takeover of Credit Suisse by UBS, André has made a substantial contribution to stabilizing Credit Suisse's business and has worked tirelessly on behalf of our clients and employees," UBS Switzerland CEO Sabine Keller-Busse was quoted as saying in the press release.
At the end of May, UBS had already completed the merger of the parent companies UBS AG and Credit Suisse AG. Credit Suisse AG thus disappeared from the commercial register around a month ago. At the beginning of June, the transition to a single intermediate holding company was also completed in the USA.
UBS announced the takeover of Credit Suisse on March 19, 2023 and formally completed it on June 12, 2023. CS shares were also traded on the Swiss stock exchange for the last time on that date.
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