SUISSE News Summer 2023
Banking / Financial
June 2023
UBS has completed the acquisition of Credit Suisse today, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
As previously announced, UBS will operate the following governance model pending further integration:
- UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.
- The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.
Colm Kelleher, UBS Group AG Chairman, said: “I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger. As we start to operate the consolidated banking group, we’ll continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: to serve our clients with excellence.
To read more about the UBS integration of Credit Suisse, please click here.
