UBS today provided an update on the integration of Credit Suisse.
UBS said it is still on the right track to substantially complete the integration of Credit Suisse by the end of 2026. The focus remains currently in customer account migrations and decomposition of infrastructure.
UBS has launched Swiss business migrations and is preparing for the first main wave, designed for the second quarter of 2025 and aims to complete the Migrations of the Swiss booking center by the end of the first quarter of 2026.
In the first quarter of 2025, UBS completed the unification of its branch network in Switzerland and has merged 95 branches with existing branches by the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in July 2024.
In March 2025, UBS completed the sale of selected portfolio service, the American Credit Suisse mortgage service, which managed in non -core and heritage. UBS recognized a loss of $ 11 million after the transaction was completed. Completion of the transaction also reduced UBS AG RWA from about $ 1.3 billion UBS and UBS AG’s denominator from about $ 1.7 billion.
UBS reached an agreement in October 2024 to sell the American Express Swiss Holdings GmbH at 50% of interest for Swisscard Aecs GmbH, a joint venture in Switzerland between UBS and American Express, with the prejudice of certain closure conditions.
Also, in October 2024, UBS reached an agreement with Swisscard on the transition of Credit Credit Card to UBS. In January 2025, UBS completed the portfolio card market, and the actual customer migration is expected to take place in the next quarters.
The two transactions are expected to lead to similar profit and loss results during 2025 and, therefore, on a net basis are not expected to have a substantial impact on the team.
In the first quarter of 2025, UBS recorded a $ 180 million expense related to the acquisition of the 64 million dollars’ portfolio and a profit of its investment in Swisscard and expects to make a profit for the completion of its interest in SWisscard.