UBS today provided an update on the planned merger of UBS AG and Credit Suisse AG.

In December 2023, the Board of Directors of UBS Group AG approved the merger of UBS AG and Credit Suisse AG, and both entities entered into a definitive merger agreement. The completion of the merger is subject to regulatory approvals and is expected to occur by the end of the second quarter of 2024.

UBS also expects to transition to a single US intermediate holding company in the second quarter of 2024 and complete the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in the third quarter of 2024.

UBS commented:

”Completing the mergers of our significant legal entities is a critical step in enabling us to unlock the next phase of the cost, capital and funding synergies we expect to realize in 2025 and 2026. These significant legal-entity mergers are a pre-requisite for the first wave of client migrations and will allow us to begin streamlining and decommissioning legacy Credit Suisse platforms in the second half of 2024”.

The merger of the holding companies UBS Group AG and CS Group AG closed on 12 June 2023.

UBS announced its plans to acquire Credit Suisse in March 2023. The combination creates a business with more than USD 5 trillion in total invested assets and sustainable value opportunities. It will further strengthen UBS’s position as the leading Swiss-based global wealth manager with more than USD 3.4 trillion in invested assets on a combined basis, operating in the most attractive growth markets.