Key Insights
- UBS has completed the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG, with the latter ceasing to exist as a separate entity.
- While former Credit Suisse clients are now UBS customers, they will continue using existing Credit Suisse platforms during a transition period, with full migration expected in 2025.
- André Helfenstein, CEO of Credit Suisse (Schweiz) AG, has decided to leave the bank following the merger completion.
ZURICH (MarketsXplora) – UBS Group AG (UBSG.S) announced on Monday the completion of the merger between UBS Switzerland AG and Credit Suisse (Schweiz) AG, marking a significant milestone in the integration of the two Swiss banking giants.
The merger, effective immediately, sees Credit Suisse (Schweiz) AG deregistered from the Commercial Register of the Canton of Zurich and ceasing to exist as a separate entity. UBS Switzerland AG has assumed all rights and obligations of the former Credit Suisse unit.
“This merger is a crucial step in our integration process,” Sabine Keller-Busse, President of UBS Switzerland, told MarketsXplora. “It sets the stage for a comprehensive consolidation of our Swiss operations.”
While clients of the former Credit Suisse (Schweiz) AG are now officially UBS Switzerland AG customers, they will continue to use existing Credit Suisse platforms during a transition period.
The bank stated that the majority of client transactions in Switzerland will migrate to the UBS platform in 2025, with the process being gradual and tailored to specific client needs.
Read also! Credit Suisse Shareholders to File Class Action Lawsuit Over UBS Merger
The merger facilitates the integration of clients and operations, following UBS’s emergency takeover of Credit Suisse earlier this year, a move orchestrated by Swiss authorities to prevent a broader financial crisis.
“Our focus remains on providing comprehensive services to our clients and maintaining our role as a strong pillar of economic support in Switzerland,” Keller-Busse added.
Coinciding with the merger, André Helfenstein, CEO of Credit Suisse (Schweiz) AG, has decided to leave the bank. Keller-Busse praised Helfenstein’s contributions to stabilizing Credit Suisse’s business during the transition period.
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