UBS Board Approves Merger of UBS AG, Credit Suisse AG Subsidiaries
December 07 2023 - 9:09AM
Dow Jones News
By Adria Calatayud
UBS Group's board approved a merger between its UBS AG and
Credit Suisse AG subsidiaries, as the integration process following
the takeover of Credit Suisse Group earlier this year
continues.
The Swiss banking giant said Thursday that its board gave green
light to the move and that both entities entered into a definitive
merger agreement following approvals from their respective boards.
This comes after the holding companies of UBS and Credit Suisse
completed their merger in June.
The completion of the UBS AG-Credit Suisse AG merger is expected
in 2024, subject to regulatory approvals, UBS said.
UBS had previously indicated that it planned to merge UBS AG
with Credit Suisse AG, as well as Swiss businesses Credit Suisse
(Schweiz) AG with UBS Switzerland AG, next year and to transition
to a single US intermediate holding company in the first half of
2024.
UBS continues to prepare for the planned merger of UBS
Switzerland AG and Credit Suisse (Schweiz) AG also in 2024, it
said.
Write to Adria Calatayud at adria.calatayud@dowjones.com
(END) Dow Jones Newswires
December 07, 2023 08:54 ET (13:54 GMT)
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