UBS Group AG announces that it has completed the merger of UBS AG and Credit Suisse AG. The completion of the merger within the expected timeline was facilitated by the strong support from regulators across the globe.
Credit Suisse AG has been deregistered in the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity. UBS AG has succeeded to all the rights and obligations of Credit Suisse AG, including all outstanding Credit Suisse AG debt instruments.
The merger facilitates the migration of clients and operations from Credit Suisse to integrated UBS platforms over time, following business, client- and product-specific requirements. While clients of Credit Suisse AG have become clients of UBS AG upon the merger, they will for an interim period interact with UBS using existing Credit Suisse platforms and tools, except as specifically communicated.
UBS Group Chief Executive Officer Sergio P. Ermotti comments: “Today we have achieved a significant milestone in our integration journey. The merger of our parent banks is critical to facilitating the migration of clients onto UBS platforms. It will also unlock the next phase of cost, capital, funding and tax benefits from the second half of 2024. As we embark on this transitional phase of operational consolidation, we will remain focused on serving our clients, following through on our strategy, investing in our people, and acting as a pillar of economic support in the communities where we live and work.”
The transition to a single US intermediate holding company is planned for 7 June 2024, with the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG continued to be expected in the third quarter of 2024, both subject to remaining regulatory approvals.
Source: Company Press Release
