UBS completes Credit Suisse acquisition 12 June 2023Switzerland Reporter: Lucy Carter
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UBS has completed its acquisition of Credit Suisse, following its takeover of the bank in March, and has announced board director nominations for certain Credit Suisse entities.
The Credit Suisse AG Board will be chaired by Lukas Gåhwiler, with Jeremy Anderson and Christian Gellerstad as vice chairs.
UBS and Credit Suisse will now function as a consolidated banking group, with UBS Group managing the two as separate parent banks. UBS Group’s board of directors and group executive board will hold overall responsibility for the banking group.
Colm Kelleher, UBS Group chair, says: “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.”
Sergio Ermotti, CEO of UBS Group, comments: “We welcome our new colleagues from Credit Suisse to UBS. Together, we’ll present our clients an enhanced global offering, broader geographic reach and access to greater expertise.”
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