UBS Group AG completed the historic acquisition of its former rival Credit Suisse, marking a new chapter for the Swiss financial sector as the defunct bank’s legal existence has formally ended.
“Today, Credit Suisse AG has been deregistered in the Commercial Register of the Canton of Zurich,” UBS said in a statement on Friday. It “has ceased to exist as a separate entity.” The merger is an important next step in the task faced by UBS to see through the massive integration of the smaller bank. It is “critical to facilitating the migration of clients onto UBS platforms” and it will “unlock the next phase of cost, capital, funding and tax benefits,” CEO Sergio Ermotti said.
The end of Credit Suisse Group AG as a separate legal entity closes the book on a bank that played a central role in the history and development of Switzerland.
The transition to a single US intermediate holding company is planned for June 7.
