takeover
CS and UBS will remain independent for the time being – and CS boss Körner will also remain with Superbank
The merger between Credit Suisse and UBS is progressing. UBS is now announcing that both banks will remain independent for the time being. In addition, personnel decisions were made.
Credit Suisse will remain in place for the time being. The integration into UBS will take place in stages.
Credit Suisse becomes part of UBS. The new bank assumes that “the legal conclusion of the transaction will take place in the next few weeks”. For the time being, UBS and Credit Suisse should act independently “until further notice”. The integration will be implemented “in stages”.
“UBS Group AG will initially operate two separate parent companies, UBS AG and Credit Suisse AG,” the statement said on Tuesday. Both companies will continue to “operate their subsidiaries and offices, serve their customers and do business with counterparties.”
Körner joins the UBS executive board
Now it is also clear what the new corporate structure and its management team should look like. CS CEO Ulrich Körner, for example, will become a member of the UBS Group Executive Board. He knows both companies “and will be responsible for maintaining Credit Suisse’s operational continuity and client focus while supporting the integration process,” writes UBS.
Todd Tuckner becomes the new chief financial officer. He is currently CFO and Head Business Performance and Risk Management at UBS’s key Global Wealth Management unit. Tuckner succeeds Sarah Youngwood, “who has decided to leave the bank upon completion of the transaction.” In addition, Michelle Bereaux was appointed Group Integration Officer and Stefan Seiler was appointed Group Head Human Resources and Corporate Services.
Swiss business of CS: “All options are being examined”
“With the new corporate structure and leadership team, UBS is well positioned to build on its existing strengths and the successes of the past ten years,” said UBS CEO Sergio Ermotti. This transaction will allow “our shareholders to be offered attractive returns, while creating space for further investments and growth”. But Ermotti also adds that the integration will take time.
For the time being, UBS is not revealing what will happen to Credit Suisse’s Swiss business. “All options” would be examined. (mg)