Bank / Credit Union

UBS completes merger with Credit Suisse

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May 31, 2024

UBS Group AG announced the completion of the merger of UBS AG and Credit Suisse AG. Through this merger, Credit Suisse AG was deregistered in the Commercial Register of the Canton of Zurich and UBS AG will take over all its business activities, according to a press release.

Credit Suisse clients will over to UBS platforms gradually, with clients continuing to use Credit Suisse's platforms in the meantime.

"Today we have achieved a significant milestone in our integration journey. The merger of our parent banks is critical to facilitating the migration of clients onto UBS platforms," Segio P. Ermotti, CEO, UBS Group, said in the release. "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, following through on our strategy, investing in our people, and acting as a pillar of economic support in the communities where we live and work."

UBS officially acquired Credit Suisse in March 2023, following a number of scandals such as a spying scandal and a failure to prevent money laundering.