– Credit Suisse officially ceases to exist in Switzerland
The bank with two sails has been removed from the commercial register of the canton of Zurich and no longer exists as a separate legal entity.
Published today at 1:05 p.m.
Abroad, the dismantling of “Credit Suisse” signs began last year.
KEYSTONE/Michael Buholzer
Subscribe now and enjoy the audio playback feature.
BotTalk
Credit Suisse has officially ceased to exist in Switzerland: the bank has been removed from the Commercial Register of the Canton of Zurich and no longer exists as a separate legal entity. All rights and obligations have thus been transferred to UBS Switzerland.
The merger allows the migration of Credit Suisse (Switzerland)’s clients and activities to the UBS platform, the bank with three keys said in a press release on Monday. The integration will take place mainly in 2025 and will be gradual.
Although clients of Credit Suisse (Switzerland) became clients of UBS Switzerland with the merger, they will continue to interact with UBS via existing Credit Suisse platforms and tools during a transition phase, unless explicitly stated otherwise.
Dismantling of signs
André Helfenstein, Managing Director of Credit Suisse (Switzerland), has decided to leave the bank in the context of the merger, the press release further specifies.
Abroad, the dismantling of the “Credit Suisse” brands began last year. Following the integration, the combined network should have 194 branches in Switzerland, compared to 95 for Credit Suisse and 190 for UBS.
By the end of 2026, UBS wants to reduce annual costs by around $13 billion, taking 2022 as a basis for comparison. In Switzerland, 3,000 jobs are expected to be cut, including 1,000 due to the integration of its Swiss activities. old rival. The other 2,000 positions concern other sectors of activity.
Repeated scandals
Embroiled in repeated scandals for several years, Credit Suisse saw its situation deteriorate rapidly following the bankruptcy in mid-March of the American bank Silicon Valley Bank.
As part of the rescue plan unveiled on March 19, 2023 by the Swiss authorities, UBS then agreed to take over its former rival for 3 billion francs, after having obtained significant financial guarantees from the Confederation and the Bank. Swiss national.
“Latest news”
Want to stay on top of the news? «Tribune de Genève» offers you two appointments per day, directly in your e-mail box. So you don’t miss anything that’s happening in your canton, in Switzerland or in the world.
Other newsletters
To log in
ATS
Found an error? Please report it to us.
0 comments
