ZURICH (Reuters) -Swiss financial institution UBS has accomplished the merger of its home unit with Credit score Suisse’s operations in its dwelling market, the financial institution mentioned on Monday, including that the top of the Credit score Suisse enterprise was leaving the financial institution.
Andre Helfenstein, CEO of Credit score Suisse Switzerland, has determined to depart the financial institution following the merger of UBS Switzerland AG and Credit score Suisse (Schweiz) AG, the financial institution mentioned.
Following the merger, UBS Switzerland has taken on all of the rights and obligations of Credit score Suisse, with the method anticipated to ease the migration of purchasers and operations to the UBS platform.
Sabine Keller-Busse, president of UBS Switzerland, mentioned the step was an vital milestone within the integration of Credit score Suisse UBS following final yr’s takeover.
“The migration of the vast majority of consumer transactions in Switzerland to the UBS platform will happen in 2025 and can be gradual, with tailor-made updates to our purchasers,” she mentioned in a press release.
UBS has already begun to maneuver over purchasers from Credit score Suisse in Hong Kong and Singapore.
The merging of the entities additionally paves the way in which for UBS to hurry up progress on its plan to axe 3,000 jobs in Switzerland. Globally analysts have estimated greater than 30,000 workers could possibly be lower.
Debate has been vigorous in Switzerland in regards to the measurement and energy of the enlarged UBS, which analysts say has a dominant place in areas such because the Swiss mortgage and debt markets because it took over Credit score Suisse in a state-engineered rescue.
Nevertheless, Switzerland’s monetary regulator final month dominated that the takeover didn’t create any competitors issues, regardless of suggestions from the nation’s antitrust watchdog that it merited additional scrutiny.