UBS has finalized the takeover of Credit Suisse, meaning a major step has been taken.
Today marks the final trading day of Credit Suisse Group AG on the SIX Swiss Exchange and the New York Stock Exchange. Credit Suisse Group AG has been merged into UBS Group AG and each Credit Suisse shareholder will receive 1 UBS share for every 22.48 Credit Suisse shares. The combined company will operate as one banking group.
- UBS Group AG will manage two parent banks, UBS AG and Credit Suisse AG.
- Each bank will have its own subsidiaries and branches.
- The Board of Directors and Group Executive Board of UBS Group AG will be responsible for the consolidated group.
- UBS AG and Credit Suisse AG will continue to serve clients and deal with counterparties.
On the completion of the acquisition, it has offered board of director nominations to certain Credit Suisse entities. According to the plan, the Credit Suisse AG board will be formed of Lukas Gähwiler (Chair), Jeremy Anderson (Vice-Chair), Christian Gellerstad (Vice-Chair), Michelle Bereaux, Mirko Bianchi (until 30 June 2023), Clare Brady, Mark Hughes, Amanda Norton and Stefan Seiler. This selection is pending the approval of relevant authorities.
The CEO Sergio P. Ermotti, said:
Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. Together, we’ll present our clients an enhanced global offering, broader geographic reach and access to even greater expertise. We’ll create a bank that our clients, employees, investors and Switzerland can be proud of.
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