Integration of Credit Suisse into UBS now complete
Credit Suisse AG: now a thing of the past.
Keystone/Michael Buholzer
The major Swiss bank UBS has taken a decisive step forward in the integration of Credit Suisse. On Friday it completed the merger of the two legal entities UBS AG and Credit Suisse AG as planned.
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Keystone-SDA
The “active support of the supervisory authorities worldwide” enabled the merger to be completed within the expected timeframe, the bank wrote in a press release on Friday.
Credit Suisse AG was accordingly deleted from the Commercial Register of the Canton of Zurich on Friday and no longer exists as a separate legal entity. “All rights and obligations of Credit Suisse AG have thus been transferred to UBS AG, including all outstanding bonds of Credit Suisse AG”, the press release states.
According to UBS, the merger now enables the gradual migration of Credit Suisse clients and business activities to integrated UBS platforms in accordance with business, client and product-specific requirements.
UBS also announced that the transition to a single intermediate holding company in the United States is planned for June 7, 2024. The merger of the Swiss units Credit Suisse (Schweiz) AG and UBS Switzerland AG is still expected to take place in the third quarter of 2024.
Adapted from German by DeepL/kc
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