This follows the merger of the holding companies UBS Group and CS Group on 12 June 2023. The completion of the merger between UBS and Credit Suisse is expected to happen in 2024.

In addition, UBS is still preparing for the planned merger of UBS Switzerland and Credit Suisse (Schweiz) in 2024 as well.

Also, in connection with the planned merger, UBS is filing today with the US Securities and Exchange Commission (SEC) a Form 6-K containing unaudited pro forma condensed financial information giving effect to the merger.

UBS Global Wealth Management had a strong Q2 2023 with net net money reaching $16bn for the quarter, the highest second-quarter inflows for over a decade.

Asset management net new money for UBS in Q2 2023 was $17bn, or $19.5bn if excluding money market and associates.

Global Wealth Management also increased revenues a slim 1% year-on-year in the quarter to hit $4,736m.

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At this point, Credit Suisse was expected to be fully integrated following a thorough evaluation, the franchise broadly stablised, and the closing of the legal entity merger expected in 2024.

Sergio P. Ermotti, group CEO, said: “Two and a half months since closing the Credit Suisse acquisition, we are wasting no time in delivering value for all our stakeholders from one of the biggest and most complex bank mergers in history. We are winning back the trust of clients, reducing costs and taking the necessary actions to create economies of scale that will allow us to better focus our resources and target investments for future growth. This combination will reinforce our status as a premier global franchise – and one that our home market, Switzerland, can be proud of. We are humbled by this task, and the responsibility entrusted to us.”