UBS has announced the completion of the merger of its domestic unit with Credit Suisse’s operations in Switzerland. Following the merger, the head of Credit Suisse Switzerland, Andre Helfenstein, has decided to leave the bank. UBS Switzerland has now taken on all the rights and obligations of Credit Suisse, with the process expected to streamline the migration of clients and operations to the UBS platform.
Sabine Keller-Busse, president of UBS Switzerland, stated that this merger marks an important milestone in the integration of Credit Suisse into UBS following last year’s takeover. The majority of client transactions in Switzerland will be migrated to the UBS platform in 2025, occurring gradually with customized updates for clients.
There has been significant debate in Switzerland concerning the size and influence of the enlarged UBS. Analysts suggest that UBS now holds a dominant position in areas such as the Swiss loan and debt markets after acquiring Credit Suisse in a state-engineered rescue. Despite recommendations from the country’s antitrust watchdog, Switzerland’s financial regulator ruled that the takeover does not raise any competition concerns.