The merger between UBS and Credit Suisse is completed. With its removal from the commercial register, the major bank is history.
UBS has officially announced the completion of the merger between UBS AG and Credit Suisse AG (CS). «Credit Suisse AG has been deregistered in the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity,» the bank announced on Friday.
«Today we have achieved a significant milestone in our integration journey,» UBS CEO Sergio Ermotti said. «The merger of our parent banks is critical to facilitating the migration of clients onto UBS platforms.»
Strong Support
«The completion of the merger within the expected timeline was facilitated by the strong support from regulators across the globe,» the bank writes.
All rights and obligations of CS have transferred to UBS, including all outstanding bonds. The merger also allows for the gradual migration of CS customers and business activities onto integrated UBS platforms according to business, customer, and product-specific requirements.
Next Phase
CS customers will continue to interact with UBS through existing CS platforms and tools during a transitional phase unless expressly communicated otherwise.
This will also initiate the next phase of cost, capital, financing, and tax benefits starting in the second half of 2024.
Still Expected
In the US, the transition to a single Intermediate Holding Company is planned for June 7, 2024. In Switzerland, the consolidation of the two entities is still expected in the third quarter of 2024.
This is subject to the remaining approvals by the relevant regulatory authorities.
