Credit Suisse no longer legally exists as of today, Monday. This marks a milestone on the path to integration. Simultaneously, UBS announces a prominent departure.
André Helfenstein departs. The CEO of Credit Suisse (Switzerland) has decided to leave the bank in the course of the merger. UBS announced this on Monday.
«Since the acquisition of Credit Suisse by UBS, André Helfenstein has substantially contributed to stabilizing Credit Suisse’s business and has tirelessly dedicated himself to our clients and employees. We thank him for his commitment and efforts and wish him all the best and much success in his future endeavors,» said Sabine Keller-Busse, President UBS Switzerland, in the statement.
Milestone in Integration
Also on Monday, UBS announced that the integration of Credit Suisse has been legally completed: Credit Suisse (Switzerland) AG has been removed from the commercial register of the Canton of Zurich and no longer exists as a separate legal entity. All rights and obligations of Credit Suisse (Switzerland) AG have thus been transferred to UBS Switzerland AG.
For clients of the integrated bank, this initially has no impact. However, the legal merger has laid the foundation for the migration of clients and business activities of Credit Suisse (Switzerland) to the UBS platform according to business-, client-, and product-specific requirements.
The migration of client data will mostly take place over the next year and will be accompanied by various communications to the clients. «The completion of the merger of the Swiss units is an important milestone in the integration of UBS and Credit Suisse,» said Sabine Keller-Busse in the press release.