The two main Swiss banks, UBS and Credit Suisse, officially began their merger process today with the approval of this process by their boards of directors, after the former acquired the latter on March 19 and this purchase was completed on June 12.
“After the approval of each of the boards, both entities enter into a definitive merger agreement“said a statement from UBS today, where it was highlighted that this process must be submitted for approval by various regulators throughout next year 2024.
The merger, the first in the world of two banks considered of systemic importance, will conclude with the disappearance of Credit Suisse as an independent brand, after 167 years of history.
Credit Suisse was acquired by UBS in March of this year, at the request of the Swiss Government, as an emergency measure to resolve the serious financial and image crisis that the first entity was going through, after years of bad investment decisions and months of collapse of its stock market value.
The merger will mean a large reduction in the combined workforce of UBS and Credit Suisse, currently made up of about 120,000 people worldwide, although the total number of jobs that will be eliminated is still unknown.
Source: Gestion
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