UBS Completes Acquisition of Credit Suisse
Posted on 06/12/2023
UBS Group AG (NYSE:UBS) (SWX:UBSN) has completed the acquisition of Credit Suisse. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
This marks the last trading day of Credit Suisse Group AG shares on the SIX Swiss Exchange. Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held.
As previously announced, UBS will operate the following governance model pending further integration:
UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.
The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.
As it completes the acquisition, UBS announces Board of Director nominations for certain Credit Suisse entities. Subject to regulatory approval, the Credit Suisse AG Board will consist of Lukas Gähwiler (Chair), Jeremy Anderson (Vice-Chair), Christian Gellerstad (Vice-Chair), Michelle Bereaux, Mirko Bianchi (until 30 June 2023), Clare Brady, Mark Hughes, Amanda Norton and Stefan Seiler.
