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UBS today provided an update on the integration of Credit Suisse.

UBS said it continues to be on track to substantially complete the integration of Credit Suisse by the end of 2026. The focus currently remains on client account migrations and infrastructure decommissioning.

UBS has commenced the Swiss business migrations and is preparing for the first main wave, which is planned for the second quarter of 2025, and it aims to complete the Swiss booking center migrations by the end of the first quarter of 2026.

In the first quarter of 2025 UBS completed the consolidation of its branch network in Switzerland, and it has merged 95 branches with existing branches since the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in July 2024.

In March 2025, UBS completed the sale of Select Portfolio Servicing, the US mortgage servicing business of Credit Suisse, which was managed in Non-core and Legacy. UBS recognized a loss of USD 11m upon the completion of the transaction. The completion of the transaction also reduced UBS AG’s RWA by around USD 1.3bn and UBS AG’s leverage ratio denominator by around USD 1.7bn.

UBS entered into an agreement in October 2024 to sell to American Express Swiss Holdings GmbH its 50% interest in Swisscard AECS GmbH, a joint venture in Switzerland between UBS and American Express, subject to certain closing conditions.

Also in October 2024, UBS entered into an agreement with Swisscard to transition the Credit Suisse-branded card portfolios to UBS. In January 2025, UBS completed the purchase of the card portfolios, with the actual client migration expected to take place over the following quarters.

The two transactions are expected to result in similar profit and loss effects over the course of 2025 and, therefore, on a net basis are not expected to have a material impact for the Group.

In the first quarter of 2025, UBS recorded an expense of USD 180m related to the acquisition of the card portfolio and a gain of USD 64m related to its investment in Swisscard, and it expects to record a gain on the completion of the sale of its interest in Swisscard later in 2025.

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