First Credit Suisse clients transferred to the UBS platform

The integration of Credit Suisse activities within UBS is progressing. The first funds from clients of the former number two Swiss bank have been transferred to the platform of the largest Swiss bank, Reuters reported on Thursday.

‘In September, we tested several hundred customers from Hong Kong and Singapore of varying levels of complexity. It went very well,’ explained technology manager Mike Dargan. The entire UBS team felt ‘relieved of a great weight’ after these successful tests. The group’s general director, Sergio Ermotti, had in the past described the transfer of clients as a major risk in the context of the consolidation of the activities of the two establishments.

According to N. Dargan, around 1.3 million Credit Suisse clients are expected to move to the UBS platform in the coming quarters. In addition to customer data, financial and legal data will also need to be integrated. Credit Suisse’s data stock amounted to approximately 110 petabytes, with one petabyte corresponding to 500 billion pages of text or a film lasting two and a half years.

According to plans, Credit Suisse clients in Luxembourg and Hong Kong will be migrated in the coming weeks, then it will be Singapore’s turn, Mr. Dargan added. Other countries will follow by the end of the year and in 2025. As part of the integration, UBS will abandon 90% of Credit Suisse’s 3,000 applications. For now, 560 have been deactivated, as well as 40,000 of the approximately 100,000 servers of the former 2nd Swiss bank.

/ATS