UBS Group AG announced today that it has completed the merger of UBS AG and Credit Suisse AG.
Completion of the merger within the expected timeline was facilitated by strong support from regulatory authorities around the world.
Today, Credit Suisse AG has been deleted from the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity. UBS AG has fulfilled all rights and obligations of Credit Suisse AG, including all outstanding debt securities of Credit Suisse AG.
The merger facilitates the transition of clients and operations from Credit Suisse to integrated UBS platforms over time, in line with business, client and product requirements. While clients of Credit Suisse AG have become clients of UBS AG in the merger, they will interact for an interim period with UBS using existing Credit Suisse platforms and tools, unless specifically disclosed.
UBS Group CEO Sergio P. Ermotti comments:
“Today we reached an important milestone in our integration journey. The merger of our parent banks is critical to facilitating the transition of clients to UBS platforms. It will also unlock the next phase of cost, capital, financing and tax benefits from the second half of 2024. As we embark on this transition phase of operational integration, we will remain focused on serving our customers, following our strategy, investing in our people and acting as a pillar of financial support to the communities where we live and work”.
The transition to a single US intermediate holding company is scheduled for June 7, 2024, with the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG still expected in the third quarter of 2024, both subject to pending regulatory approvals .