UBS Completes Merger with Credit Suisse’s Swiss Operations

Switzerland’s largest bank, UBS, has made significant progress in the integration of Credit Suisse by completing the merger of UBS Switzerland AG and Credit Suisse AG.

Following the completion of the merger, Credit Suisse’s André Helfenstein has decided to step down as CEO after more than 16 years with the bank.

As part of the merger process, Credit Suisse Switzerland has been deregistered from the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity.

UBS Switzerland has also assumed all the rights and obligations of Credit Suisse and will gradually transition the majority of client transactions and operations to the UBS platform in 2025.

Even though Credit Suisse clients are now clients of UBS Switzerland AG, they can continue to use existing Credit Suisse platforms and tools for an interim period, unless otherwise communicated.

UBS has already begun to move over clients from Credit Suisse in Hong Kong and Singapore.

Sabine Keller-Busse, president of UBS Switzerland, said:  “As the integration progresses, our clients will be able to access the capabilities and support of the combined firm.”

She added that this step marked an important milestone in the integration of Credit Suisse into UBS following last year's takeover.

The merger had initiated debate in Switzerland about the size and power of the expanded UBS, which now holds a dominant position in areas like the Swiss loan and debt markets.

However, despite the antitrust watchdog’s call for further scrutiny, Switzerland’s financial regulator ruled last month that the takeover does not pose any competition concerns.