UBS completes merger of UBS AG and Credit Suisse AG
May 31 2024 - 6:25AM
Business Wire
Regulatory News:
Ad hoc announcement pursuant to Article 53 LR.
UBS Group AG (NYSE:UBS) (SWX:UBSN) announces today 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.
Today, Credit Suisse AG has been deregistered in the Commercial
Register of the Canton of Zurich and has ceased to exist as a
separate entity. UBS AG has succeeded to all the rights and
obligations of Credit Suisse AG, including all outstanding Credit
Suisse AG 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, except as specifically
communicated.
UBS Group Chief Executive Officer Sergio P. Ermotti comments:
“Today we have achieved a significant milestone in our integration
journey. The merger of our parent banks is critical to facilitating
the migration of clients onto UBS platforms. It will also unlock
the next phase of cost, capital, funding and tax benefits from the
second half of 2024. As we embark on this transitional phase of
operational consolidation, we will remain focused on serving our
clients, following through on our strategy, investing in our
people, and acting as a pillar of economic support in the
communities where we live and work.”
The transition to a single US intermediate holding company is
planned for 7 June 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.
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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UBS Group AG and UBS AG Investor contact Switzerland:
+41-44-234 41 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 58 58 APAC: +852-297-1 82 00
www.ubs.com/media
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