Following the collapse of Credit Suisse in mid-March 2023, its competitor UBS . The European Commission at the end of March , saying that the transaction .
A little over a year later, UBS Group AG announced in a published 31 May 2024 that it had completed the merger of UBS AG and Credit Suisse AG, and that “Credit Suisse AG has been deregistered in the commercial register of the canton of Zurich and has ceased to exist as a separate entity.”
“UBS AG has succeeded to all the rights and obligations of Credit Suisse AG, including all outstanding Credit Suisse AG debt instruments,” the communiqué added. “While clients of Credit Suisse AG have become clients of UBS AG upon the merger, they will for an interim period interact with UBS using existing Credit Suisse platforms and tools, except as specifically communicated.”
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“We have achieved a significant milestone in our integration journey,” commented UBS Group CEO Sergio P. Ermotti. “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.”
The transition to a single US intermediate holding company is planned for 7 June 2024, said the press release, with the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG expected in Q3 2024, subject to regulatory approvals.