Around six months after the definitive takeover of Credit Suisse by UBS, the merger agreement between the two operating companies has been finalised.
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The boards of directors of UBS Group and the two companies have approved the merger, the bank announced on Thursday. Subsequently, UBS and Credit Suisse have concluded a definitive merger agreement. The merger is therefore expected to be completed in 2024, subject to regulatory approvals.
At the time of the definitive takeover of the Credit Suisse Group on June 12, 2023, the UBS Group had already announced that it would initially operate two separate companies, UBS AG and Credit Suisse AG. For their part, these companies will continue to operate their subsidiaries and branches and serve their clients.
The merger of UBS AG and Credit Suisse AG in 2024 was announced by UBS CEO Sergio Ermotti at the presentation of the third-quarter figures as an important milestone for 2024. The merger of the two legal entities is likely to be an important prerequisite for the further integration of the two banks, for example for the migration of clients in the core businesses, but also for the merger of important subsidiaries.
UBS is also continuing to prepare the planned merger of UBS Switzerland AG and Credit Suisse (Switzerland) AG, as detailed in Thursday’s press release. The merger of the two Swiss companies is also still expected to take place in 2024.
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