UBS Group has completed the merger of UBS AG and Credit Suisse AG, completing the project within the expected timeline.
Credit Suisse AG has been deregistered in the Commercial Register of the Canton of Zurich, and no longer exists as its own entity. UBS AG now holds all Credit Suisse AG rights and obligations, including debt instruments.
By completing the merger, UBS is able to migrate Credit Suisse clients and operations to its own integrated platforms in line with business, client and product-specific requirements. Clients will initially continue to interact with UBS using existing Credit Suisse platforms and tools.
The merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG is expected to conclude in Q3 2024, pending regulatory approval. The transition to a single US intermediate holding company is scheduled for 7 June 2024.
Sergio Ermotti, UBS Group CEO, commented: “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.”
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