UBS Completes Legal Merger with Credit Suisse as Swiss Bank Is Formally Deregistered

UBS completed the legal merger of UBS AG and Credit Suisse AG on 31 May 2024, with Credit Suisse AG formally deregistered from the Commercial Register of the Canton of Zurich on that date. UBS agreed to acquire Credit Suisse in March 2023 in an emergency transaction arranged by the Swiss federal government, the Swiss Financial Market Supervisory Authority, and the Swiss National Bank.

Under the terms of the legal merger, UBS AG succeeded to all rights and obligations of Credit Suisse AG with immediate effect from the deregistration date, including all outstanding debt instruments previously issued by Credit Suisse in its own name. Holders of Credit Suisse-branded bonds and other liabilities became creditors of UBS AG from that date.

INTEGRATION

UBS Chief Executive Sergio Ermotti described the completion of the legal merger as "a significant milestone in our integration journey".

The legal merger does not complete the integration programme: UBS expected the merger of the Swiss domestic banks, UBS Switzerland AG and Credit Suisse (Schweiz) AG, in the third quarter of 2024.