UBS completed the acquisition of Credit Suisse, with Credit Suisse Group merging into UBS Group. The combined entity will operate as a consolidated banking group.

Credit Suisse Group shares will no longer be traded on the SIX Swiss Exchange and the New York Stock Exchange. As announced on March 19, Credit Suisse shareholders will receive one UBS share for every 22.48 Credit Suisse shares they hold.

As previously announced, UBS will operate the following governance model pending further integration:

• UBS Group will manage two separate parent banks: UBS and Credit Suisse. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.
• The board of directors and group executive board of UBS Group will hold overall responsibility for the consolidated group.

As it completed the acquisition, UBS announced board of director nominations for certain Credit Suisse entities. Subject to regulatory approval, the Credit Suisse board will consist of Lukas Gähwiler (chair), Jeremy Anderson (vice chair), Christian Gellerstad (vice chair), Michelle Bereaux, Mirko Bianchi (until June 30), Clare Brady, Mark Hughes, Amanda Norton and Stefan Seiler.

“I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time,” Colm Kelleher, chairman of UBS Group, said. “We are now one Swiss global firm and, together, we are stronger. As we start to operate the consolidated banking group, we’ll continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: to serve our clients with excellence.”

“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,” Sergio P. Ermotti, CEO of UBS Group, said. “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.”

UBS expects its CET1 capital ratio to be around 14% in Q2/23 and to remain around that level throughout 2023. It anticipates that Credit Suisse’s operating losses and significant restructuring charges will be offset by reductions in RWA. In the future, UBS will report consolidated financial results for the combined group under IFRS in U.S. dollars. It will communicate Q2/23 earnings on Aug. 31.