UBS Group Closes Takeover Of Credit Suisse

(RTTNews) - UBS Group AG (UBS) announces Friday that it has completed the merger of UBS AG and Credit Suisse AG. The completion of the merger within the expected timeline was facilitated by the strong support from regulators across the globe.

Credit Suisse has been deregistered in the Commercial Register of the Canton of Zurich and has ceased to exist as a separate entity. UBS has succeeded to all the rights and obligations of Credit Suisse AG, including all outstanding Credit Suisse debt instruments.

The merger facilitates the migration of clients and operations from Credit Suisse to integrated UBS platforms over time, following business, client- and product-specific requirements.

While clients of Credit Suisse AG have become clients of UBS AG upon the merger, they will for an interim period interact with UBS using existing Credit Suisse platforms and tools.

The transition to a single US intermediate holding company is planned for June 7, 2024, with the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG continued to be expected in the third quarter of 2024, both subject to remaining regulatory approvals.