UBS Group's board has given the green light for the merger between its subsidiaries, UBS AG and Credit Suisse AG. This move is part of the ongoing integration process that began after the takeover of Credit Suisse Group earlier this year.
On Thursday, the Swiss banking giant announced that both entities have entered into a definitive merger agreement, following approvals from their respective boards. It is important to note that the merger between the holding companies of UBS and Credit Suisse has already been completed back in June.
Subject to regulatory approvals, the completion of the UBS AG-Credit Suisse AG merger is expected to take place in 2024, according to UBS.
Additionally, UBS had previously announced its plans to merge UBS AG with Credit Suisse AG, as well as the Swiss businesses Credit Suisse (Schweiz) AG with UBS Switzerland AG, in the coming year. Furthermore, UBS aims to transition to a single intermediate holding company in the US during the first half of 2024.
UBS is also making preparations for the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in 2024.