UBS reaches a significant milestone as it completes the acquisition of Credit Suisse. The combined company will function as a unified banking group after the deal for the merger of Credit Suisse Group and UBS Group.

The SIX Swiss Exchange has stopped trading in the shares of Credit Suisse Group as of today.

In addition, New York Stock Exchange will also no longer conduct trading in Credit Suisse Group.

According to an announcement made on 19 March 2023, shareholders of Credit Suisse will get one UBS share for every 22.48 Credit Suisse shares they own.

UBS governance model

Credit Suisse and UBS will be managed separately by UBS Group. Each institution will continue to operate independently, provide customer service, and interact with counterparties.

Furthermore, the merged group will be under supervision of the board of directors and group executive board of UBS Group.

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UBS also announced board of director nominees for some Credit Suisse firms as it completes the acquisition.

The following individuals will make up the Credit Suisse board, pending regulatory approval: Lukas Gähwiler (chair), Jeremy Anderson (vice-chair), Christian Gellerstad (vice-chair), Michelle Bereaux, Mirko Bianchi (until June 30, 2023), Clare Brady, Mark Hughes, Amanda Norton, and Stefan Seiler.

Colm Kelleher, UBS Group chairman, said: “I’m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger. As we start to operate the consolidated banking group, we’ll continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: to serve our clients with excellence.”

Sergio P. Ermotti, CEO of UBS Group, added: “Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. Together, we’ll present our clients an enhanced global offering, broader geographic reach, and access to even greater expertise. We’ll create a bank that our clients, employees, investors, and Switzerland can be proud of.”

Q2 2023

UBS anticipates its CET1 capital ratio to be around 14%.

Reductions in RWA are expected to more than make up for Credit Suisse’s operational losses and hefty restructuring costs.

Future consolidated financial statements for the combined group under IFRS will be reported by UBS in USD.

The results for the second quarter of 2023 will be announced on 31 August 2023.