UBS completes Credit Suisse acquisition and announces nominations for Credit Suisse entities

– SWITZERLAND, Zurich –  UBS Group AG (SWX: UBSG) today announced the completion of the acquisition of Credit Suisse, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.

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 subsidiaries and branches, serve 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.

UBS also announced Board of Director nominations for certain Credit Suisse entities.

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
• Stefan Seiler.

Colm Kelleher, UBS Group AG Chairman, said: “I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger. As we start to operate the consolidated banking group, we’ll continue to be guided by the best interests of all our stakeholders, including investors. Our top priority remains the same: to serve our clients with excellence.”

Sergio P. Ermotti, CEO of UBS Group AG, added: “Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. We’ll present our clients with an enhanced global offering, broader geographic reach, and access to even greater expertise. We’ll create a bank that our clients, employees, investors, and Switzerland can be proud of.”