UBS and CS can now grow together in Switzerland
Published: Monday, Jul 1st 2024, 15:40
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Credit Suisse Switzerland has also been legally part of UBS Switzerland since July 1. The businesses of the two banks are now being gradually merged and CS should finally be history by the end of 2026.
The Swiss branches of UBS and Credit Suisse are now officially a single entity. UBS has fully integrated its former competitor in the form of a so-called universal succession.
This means that all rights and obligations of CS have been transferred to UBS. The integration plan recently announced by UBS Switzerland CEO Keller-Busse in an interview can now be implemented.
No immediate impact for customers
The legal merger will not initially have any direct impact on clients. The existing contracts will remain in place, only UBS Switzerland will now be the formal legal contact.
The legal merger also marks the start of a deeper integration of the two banks. Products can now be merged and employees are now employed directly by UBS. Furthermore, UBS and CS employees will be able to work closely together in future without banking secrecy standing in the way.
Integration can get off to a good start
UBS now wants to make gradual progress with the integration of the banks' platforms and businesses. Most products and services are to be transferred to the UBS platform by the end of 2025.
The bank is already starting with the first major customers. However, the majority of customers will not be migrated until 2025. The CS platforms are then to be shut down for good at the end of 2026.
The migration will take place in several waves. The bank will write to the affected customers individually in advance and inform them about the changes. The bank also intends to accompany the migration with comprehensive support.
Credit Suisse will soon be history
With the integration, the Credit Suisse name will also disappear over time. The dismantling of CS signs at company locations abroad already began last year.
According to UBS Switzerland boss Keller-Busse, there will ultimately only be just under 200 UBS branches. This is around 90 fewer than UBS and CS currently have together. Places where the branches of both banks are located in close proximity will be particularly affected by closures.
The first redundancies are expected as early as the end of this year. However, the majority of the already announced 3,000 job cuts in Switzerland will not take place until 2025 and 2026, once the migration is complete, according to banking sources. Of these jobs, 1000 are related to the Swiss business.
©Keystone/SDA
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