The merger of the Swiss units of UBS and Credit Suisse could be completed as soon as July 1, a senior UBS executive said on Tuesday.
UBS, which bought former rival Credit Suisse last year after the bank’s collapse, previously said the two units would be merged in the third quarter.
Sabine Keller-Busse, president of UBS Switzerland, said in an interview with the Neue Zuercher Zeitung newspaper that the project was progressing “very well.”
“The merger could be completed by July 1, 2024,” she said.
Clients will begin switching to UBS’s IT systems sometime in 2025, Keller-Busse said.
The merger of the parent companies of UBS and Credit Suisse was completed late last month.
The absorption of Credit Suisse by UBS gave Switzerland a single global bank, with a balance sheet worth about twice the country’s annual economic output.
UBS’s progress in integrating its long-time competitor is a key indicator of the deal’s success.
Keller-Busse, who reiterated that the global merger would lead to 3,000 layoffs in Switzerland, was also asked about her desire to succeed UBS CEO Sergio Ermotti, who is expected to step down in the next three years or so.
She is considered one of the potential candidates.
“I have one of the most exciting jobs in banking,” she told the newspaper. “That’s what I’m focusing on, as I always have. All this speculation means nothing to me.” (Reporting by Oliver Hirt; Editing by Dave Graham; Editing by Mrigank Dhaniwala)
