UBS completes merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG
July 01 2024 - 5:20AM
Business Wire
Regulatory News:
Ad hoc announcement pursuant to Article 53 LR.
UBS (NYSE:UBS) (SWX:UBSN) announces today that it has completed
the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG.
Today, Credit Suisse (Schweiz) AG has been deregistered from the
Commercial Register of the Canton of Zurich and has ceased to exist
as a separate entity. UBS Switzerland AG has succeeded to all the
rights and obligations of Credit Suisse (Schweiz) AG.
The merger of the Swiss entities facilitates the migration of
clients and operations from Credit Suisse (Schweiz) AG to the UBS
platform, following business, client- and product-specific
requirements. While clients of Credit Suisse (Schweiz) AG have
become clients of UBS Switzerland AG upon the merger, they will for
an interim period interact with UBS using existing Credit Suisse
platforms and tools, except as specifically communicated.
Sabine Keller-Busse, President UBS Switzerland, comments: “The
completion of the Swiss entities’ merger marks an important
milestone in the integration of UBS and Credit Suisse. The
migration of the majority of client transactions in Switzerland to
the UBS platform will take place in 2025 and will be gradual, with
tailored updates to our clients. As the integration progresses, our
clients will be able to access the capabilities and support of the
combined firm. We will continue to focus on providing our clients
with comprehensive services to achieve their financial goals and
acting as a strong pillar of economic support in Switzerland.”
André Helfenstein, CEO Credit Suisse (Schweiz) AG, has decided
to leave the bank following the merger. Sabine Keller-Busse
remarks: “Since the acquisition of Credit Suisse by UBS, André has
made a substantial contribution to the stabilization of Credit
Suisse's business and has been committed to our clients and our
employees throughout. We thank him for his commitment and
dedication and wish him all the best and success in his next
steps.”
Cautionary statement regarding forward-looking
statements
This ad hoc announcement contains statements that constitute
“forward-looking statements” including, but not limited to
management’s outlook for UBS’s financial performance, statements
relating to the anticipated effect of transactions and strategic
initiatives on UBS’s business and future development and goals or
intentions to achieve climate, sustainability and other social
objectives. While these forward-looking statements represent UBS’s
judgments, expectations and objectives concerning the matters
described, a number of risks, uncertainties and other important
factors could cause actual developments and results to differ
materially from UBS’s expectations. UBS’s business and financial
performance could be affected by other factors identified in our
past and future filings and reports, including those filed with the
SEC. More detailed information about those factors is set forth in
documents furnished by UBS and filings made by UBS with the SEC,
including the Risk Factors filed on Form 20-F for the UBS Group AG
Annual Report for 2023, filed on 28 March 2024. UBS is not under
any obligation to (and expressly disclaims any obligation to)
update or alter its forward-looking statements, whether as a result
of new information, future events, or otherwise.
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00 Americas: +1 212 882 57 34
Media contact Switzerland: +41 44 234 85 00 UK: +44 207 567 47
14 Americas: +1 212 882 5858 APAC: +852 297 1 82 00
www.ubs.com/media
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