UBS has completed the merger of its domestic unit with Credit Suisse’s operations in Switzerland. As a result, Andre Helfenstein, CEO of Credit Suisse Switzerland, has decided to leave the bank. UBS Switzerland AG now holds all the rights and obligations of Credit Suisse in this significant milestone for the integration of Credit Suisse into UBS following last year’s acquisition.
Sabine Keller-Busse, president of UBS Switzerland, described the merger as a significant milestone that will facilitate the transfer of clients and operations to the UBS platform. The gradual migration of client transactions is expected to be completed by 2025, with customized updates along the way.
Concerns have been raised about the size and influence of the combined UBS entity in Swiss loan and debt markets. However, Switzerland’s financial regulator has determined that the merger does not pose any competition issues.