UBS completes merger of legal entities in the USA
Published: Tuesday, Jun 11th 2024, 10:00
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As previously announced, the major bank UBS has completed the transition to a single intermediate holding company in the USA. In addition, the local country organizations - UBS Switzerland and CS Switzerland - are expected to merge within three weeks.
As planned, the transition to a single US intermediate holding company was completed last Friday, according to a press release issued on Tuesday. This is "another important milestone on the integration path".
In addition, the banking group assumes that the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG could take place as early as July 1, 2024, subject to the remaining regulatory approvals. In an interview with the "Neue Zürcher Zeitung" published on Tuesday, UBS Switzerland CEO Sabine Keller-Busse had already said that the merger could take place as early as July 1, 2024.
UBS recently announced the merger for the third quarter of 2024. Sooner or later, following the integration of CS Switzerland, the "Credit Suisse" brand is likely to disappear for good in this country too. The dismantling of CS signs at company locations abroad already began last year.
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