Announcement And Merger

UBS Completes Acquisition of Credit Suisse, Marking a Historic Milestone

Announcement and Merger

UBS officially announces the completion of the merger between UBS Switzerland AG and Credit Suisse today, marking a significant moment in the financial industry. The merger agreement, reached on Sunday, solidifies the acquisition of Credit Suisse by UBS AG, including all outstanding rights and obligations.

Implications of the Merger

This monumental acquisition brings together two prominent Swiss banking institutions, creating a formidable force in the global financial landscape. UBS will assume Credit Suisse's assets, liabilities, and operations, consolidating its position as a leading provider of financial services worldwide.

Benefits for Clients and Stakeholders

* Enhanced financial stability and security for customers * Expanded range of products and services * Improved access to global markets * Increased efficiency and cost savings * Stronger capital base

Industry Impact and Significance

The acquisition of Credit Suisse by UBS has sent shockwaves through the global banking system, following the recent failures of Silicon Valley Bank and Signature Bank. This consolidation is widely seen as a sign of the evolving financial landscape and the increasing dominance of larger, more diversified financial institutions.

Timeline of Events

* **March 19, 2023:** UBS Group AG agrees to acquire Credit Suisse for CHF 3 billion (USD 3.2 billion) in an all-share transaction. * **June 25, 2023:** Credit Suisse shareholders approve the merger agreement. * **July 1, 2024:** UBS announces the completion of the merger, creating a new global banking giant.
[Click here for the latest updates](https://www.ubs.com/global/en/about-ubs/news-stories/credit-suisse-acquisition.html)