The agreement came after a turbulent period for the Swiss banking system that threatened to spill over into the global financial system. Credit Suisse faced a potential exodus by shareholders, coinciding with probes by governments such as the U.S., and a wave of media investigations exposing the bank as a safe haven of choice for unsavory clients.
UBS stated that the merged business will function as a consolidated banking group.
Credit Suisse Group AG shares were last traded on the SIX Swiss Exchange on June 12, 2023, according to UBS, and they will no longer be traded on the New York Stock Exchange.
UBS also informed Credit Suisse shareholders that they will get one UBS share for every 22.48 Credit Suisse shares owned, as agreed in March.
“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,” said Colm Kelleher, UBS Group AG Chairman.
At the same time, the UBS Group AG CEO, Sergio P. Ermotti, promised the clients an “enhanced global offering, broader geographic reach and access to even greater expertise,” and a bank that “clients, employees, investors and Switzerland can be proud of.”
