UBS completed the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG on 1 July 2024, formally deregistering the Swiss retail subsidiary of Credit Suisse and transferring all of its rights and obligations to UBS Switzerland AG. UBS acquired Credit Suisse in an emergency transaction brokered by the Swiss federal government in March 2023.
Since the acquisition, the two Swiss entities had operated under separate Swiss banking licences.
CREDIT SUISSE CEO DEPARTS AFTER INTEGRATION
André Helfenstein, who had served as chief executive of Credit Suisse (Schweiz) AG, departed the combined group following the completion of the domestic merger. UBS said Helfenstein had decided to leave the bank following the merger, with Sabine Keller-Busse, President UBS Switzerland, crediting him with a substantial contribution to the stabilisation of Credit Suisse's business since the acquisition.
Credit Suisse clients automatically became UBS clients, although they continue to use existing Credit Suisse platforms until their migration to UBS systems, which is expected to take place gradually through 2025.
APPROXIMATELY 3,000 SWISS JOBS TO BE CUT
The merger is a step towards the approximately 3,000 redundancies in Switzerland that UBS announced in August 2023 as a result of the integration.