The acquisition of Credit Suisse by UBS is now complete, and Credit Suisse shares will cease trading after today. UBS announces directorships for some of the Credit Suisse units.
With the completion of the deal between UBS and Credit Suisse and the combined entity now operating as a consolidated banking group, there is still further integration to be done, and UBS is sending over its vice-chairman to keep an eye on things.
Until then, UBS Group AG will manage two separate parent banks, with UBS AG and Credit Suisse AG continuing to operate their 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.
Directors for Credit Suisse
Today, UBS also announced its nominations for the board of directors for certain of its Credit Suisse entities, with UBS vice-chairman Lukas Gaehwiler being named chairman of the board of Credit Suisse AG.
Jeremy Anderson, a non-executive member of the UBS board since 2018, will serve with Credit Suisse board member Christian Gellerstad as vice-chairs.
Other nominations are:
Michelle Bereaux - UBS Group Integration Officer. Group executive board member since 2023.
Clare Brady - Credit Suisse board member since 2021.
Mark Hughes - UBS Non-executive board member since 2020
Amanda Norton - Credit Suisse board member since 2022
Stefan Seiler - UBS Group executive board member since 2023.
Mirko Bianchi (until June 30) - Credit Suisse board member since 2022.
All are subject to regulatory approval.
