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UBS has disclosed more details about its acquisition of Credit Suisse. The two banks will continue to operate independently of each other for the foreseeable future. Integration will take place gradually.
UBS will initially operate two separate parent companies, UBS AG and Credit Suisse AG, UBS announced on Tuesday. Both companies would continue to operate their subsidiaries and offices, serve customers, and do business with counterparties.
Also, UBS introduced the new management team for the then-consolidated banking group. Notable: Current CS CEO Ulrich Körner (60) will become a member of the UBS Group Board of Directors upon completion of the transaction.
“UBS knows both companies and will be responsible for maintaining the operational continuity and customer focus of Credit Suisse while supporting the integration process,” writes UBS. Todd Tuckner will also replace Sarah Youngwood as chief financial officer of UBS.
“This is a very important moment for UBS, Credit Suisse and the entire banking industry,” UBS CEO Sergio Ermotti (62) said in a press release. Together, they will further consolidate and embody the Swiss financial model worldwide.
“This transaction will allow us to create room for further investment and growth while delivering attractive returns to our shareholders,” Ermotti said. “With its new corporate structure and leadership team, UBS is well positioned to build on its current strengths and achievements of the past decade.”
According to the information received, UBS assumes that the legal result of the transaction will take place in the next few weeks. (nim/SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
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