Credit Suisse & UBS Merger

Credit Suisse & UBS Merger – Update on the Progress

UBS provided a comprehensive update on the progress of its planned merger with Credit Suisse. The Board of Directors of UBS Group AG had initially approved the merger in December 2023, and both UBS AG and Credit Suisse AG subsequently entered into a definitive merger agreement. The completion of this significant corporate union is contingent upon regulatory approvals and is anticipated to transpire by the conclusion of the second quarter of 2024.

Furthermore, UBS revealed its intention to transition to a single US intermediate holding company during the second quarter of 2024. The planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG will end in the third quarter of 2024.

Credit Suisse & UBS Merger – Update on the Progress

UBS emphasized the strategic importance of completing the mergers of its major legal entities, considering it a crucial step in unlocking the subsequent phase of cost, capital, and funding synergies expected to materialize in 2025 and 2026. These legal-entity mergers are the prerequisites for the initial wave of client migrations, enabling UBS to commence the streamlining and decommissioning of legacy Credit Suisse platforms in the latter half of 2024.

The merger of the holding companies UBS Group AG and CS Group AG successfully ended on June 12, 2023. UBS had initially announced its plans to acquire Credit Suisse in March 2023. The amalgamation of these financial powerhouses positions the newly formed entity with over USD 5 trillion in total invested assets, offering sustainable value opportunities. With a combined wealth of more than USD 3.4 trillion in invested assets, UBS solidifies its status as the premier Swiss-based global wealth manager, operating in some of the most promising growth markets.

With the closure of the holding company merger in June 2023, the combined entity is going to emerge as a financial powerhouse with a substantial impact on the industry. As developments unfold, market participants and stakeholders will be closely watching the execution of UBS’s strategic plans and the ensuing benefits for investors, clients, and the broader financial community.

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