According to insiders, the historic merger between UBS and Credit Suisse is about to be officially completed.
On May 28th, Edmund Koh, President of UBS Asia Pacific, stated at the Asia Investment Forum, "UBS offices in Singapore, Japan, Australia, and Hong Kong have already or are planning to relocate. We hope that multiple offices in each region can be unified into a functional and environmentally sustainable office building. The Hong Kong office is expected to relocate in 2026."
At the same time, Xu Jianzhou shared the merger process of the two investment banks on the forum. He said, "More than a year ago, we announced that UBS and Credit Suisse, two systemically important banks worldwide, would be integrating. I am pleased to share with you that our Asian business integration is progressing well."
"This weekend, we will usher in another milestone event of integration - the merger of the parent banks of UBS Group and Credit Suisse Group. After the merger, we will move forward as a bank and have the strength to improve the scale and quality of our business to unprecedented heights." Xu Jianzhou said.
UBS stated that key milestones will drive customers to migrate to the UBS platform starting later this year, and to achieve the next phase of cost, capital, funding, and tax benefits starting from the second half of 2024, and by the end of 2025 and 2026.
On March 19, 2023, Credit Suisse Group and UBS Group reached an agreement and merger plan, agreeing that UBS Group would acquire the assets and liabilities of Credit Suisse Group.
On June 12, 2023, UBS Group announced that all legal proceedings for the merger of Credit Suisse Group had been completed on the same day. Based on the above situation, Credit Suisse Group has been legally merged and absorbed by UBS Group, and therefore no longer exists; The assets, liabilities, and contracts of Credit Suisse Group have all been lawfully transferred to UBS Group, which is now the ultimate parent company of relevant entities and branches of Credit Suisse.
On December 7, 2023, UBS Group announced that its board of directors had approved the merger between UBS Group and Credit Suisse Group on December 7, 2023; With the approval of the respective boards of directors of UBS Group and Credit Suisse Group, the final merger agreement has been signed between UBS Group and Credit Suisse Group, and the merger matters still require approval from their respective regulatory authorities.
In terms of performance, UBS Group achieved a revenue of 40.834 billion US dollars in 2023, a year-on-year increase of 18.14%; Net profit was $29.027 billion, a year-on-year increase of 280.43%.
Credit Suisse Securities (China) had a revenue of 157 million yuan in 2023, a decrease of approximately 45.58% compared to the same period last year; The net loss was RMB 199 million, which is about 45.58% narrower than the previous year's loss. This is another loss after Credit Suisse Securities lost RMB 254 million in 2022. Regarding the reasons for the losses, Credit Suisse Securities raised concerns about the impact of the merger of its controlling shareholders, Credit Suisse Group and UBS Group.