The chief executive of Zurich-based UBS shared his latest forecast of when the Swiss banking giant will complete the migration of clients from the now-defunct Credit Suisse.
The migration of clients from Credit Suisse to UBS should take another 18 months, according to a «Reuters» report citing CEO Sergio Ermotti on Thursday.
«We are starting the migration of clients from the Credit Suisse platform into the UBS platform. This is going to go on for another 18 months or so,» he said. «It's very complex, but it's still something that I believe is going to add eventually greater value not only to shareholders but also to clients and our own employees.»
UBS first announced the government-brokered takeover of Credit Suisse in March 2023. Should Ermotti’s latest forecast be correct, it would have taken three years to fully move clients from the latter to the former. The enlarged Swiss bank is set to report its third quarter results next week.
