Swiss bank UBS has completed the merger of its domestic unit with Credit Suisse’s home market operations, the bank said Monday, adding that the head of Credit Suisse’s business was leaving the bank.
Andre Helfenstein, CEO of Credit Suisse Switzerland, has decided to leave the bank following the merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG, the bank said.
Following the merger, UBS Switzerland took over all rights and obligations from Credit Suisse, which should facilitate the migration of clients and transactions to the UBS platform.
Sabine Keller-Busse, president of UBS Switzerland, said it was an important step in the integration of Credit Suisse UBS following last year’s acquisition.
“The migration of the majority of client transactions in Switzerland to the UBS platform will take place in 2025 and will be gradual, with personalized updates for our clients,” it said in a statement.
Debate has been heated in Switzerland over the size and power of the enlarged UBS, which analysts say has held a dominant position in areas such as the Swiss loan and debt markets since it took over. Credit Suisse in a state-orchestrated rescue.
However, last month Switzerland’s financial regulator said the takeover did not raise competition concerns, despite recommendations from the country’s antitrust watchdog that it merited further scrutiny.
