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UBS Finalizes Merger with Credit Suisse

5 June 2024 | Legal Alerts
Zurich, May 31, 2024 – UBS Group AG has announced the successful completion of its merger with Credit Suisse AG. This achievement, realized within the anticipated timeframe, was made possible by robust support from regulators worldwide.
On May 31 Credit Suisse AG was removed from the Commercial Register of the Canton of Zurich and stopped being an independent entity. UBS AG has assumed all the rights and responsibilities of Credit Suisse AG, including all its outstanding debt instruments.

The merger enables the gradual transition of clients and operations from Credit Suisse to UBS's integrated platforms, adhering to specific business, client, and product requirements. Although Credit Suisse AG clients are now UBS AG clients following the merger, they will continue to use Credit Suisse platforms and tools to interact with UBS for a transitional period, unless otherwise communicated.
UBS Finalizes Merger with Credit Suisse
“
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.
— Sergio P. Ermotti, UBS Group Chief Executive
The transition to a single US intermediate holding company is scheduled for June 7, 2024. The merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG is anticipated in the third quarter of 2024, pending remaining regulatory approvals.
Sources

  1. https://www.ubs.com/global/en/media/display-page-ndp/en-20240531-pbm.html
  2. https://www.credit-suisse.com/ch/en.html
Disclaimer:

This legal alert provides a general overview of the topic and should not be considered legal advice. Legal situations may vary, and businesses should consult with legal professionals to address their specific concerns.
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