UBS announced it’s completed the acquisition of Credit Suisse and the combined entity will operate as a consolidated banking group.
As previously announced, 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 its own subsidiaries and branches, serve its 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 expects its CET1 capital ratio to be around 14% in the second quarter of 2023 and to remain around that level throughout 2023. It anticipates that Credit Suisse’s operating losses and significant restructuring charges will be offset by reductions in RWA.