Credit Suisse’s domestic unit in Switzerland has been merged with UBS, resulting in the transfer of all rights and obligations to UBS Switzerland AG. This merger is expected to facilitate the migration of clients and operations to the UBS platform.
Sabine Keller-Busse, president of UBS Switzerland, has described this move as a significant milestone in integrating Credit Suisse into UBS following last year’s acquisition. The migration process is expected to be completed by 2025 with customized updates for clients along the way.
The merger has raised concerns about competition in Swiss loan and debt markets, but Switzerland’s financial regulator has determined that it does not pose any issues. With this merger, UBS now holds a dominant position in these markets, and its influence will continue to grow as it takes over Credit Suisse’s operations.