UBS finalises takeover of Credit Suisse clients in Switzerland
Keystone-SDA
UBS has completed the migration of Swiss-booked clients of Credit Suisse, which it took over in 2023. The bank has now completed the migration of all former Credit Suisse clients to UBS infrastructure globally, it said on Wednesday.
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A total of around 1.2 million clients worldwide have been transferred to the UBS infrastructure. In a statement released on Wednesday, UBS CEO Sergio Ermotti described it as “one of the most complex integrations in banking history”.
Payment volume increases by a quarter
UBS said it had reached a key milestone in the integration of Credit Suisse which it took over in 2023. The integration increased payment volumes on the UBS platform by around 25% to almost 3.1 million transactions per day.
Since the takeover, UBS has implemented the integration gradually. Important steps such as the merger of the parent companies and the Swiss units were completed in summer 2024. For the migration procedure, the bank expanded capacities in branches and support functions, carried out over 80,000 tests and trained employees for more than 132,000 hours.
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Where did it all go wrong for Credit Suisse?
UBS says the migration went smoothly from a client perspective and customer feedback has been positive. It sent out around three million personalised letters and provided digital information services.
Completion expected at the end of the year
The final phase of integration, including the shutdown of Credit Suisse’s old IT systems, will now begin with the completion of the migration. UBS continues to expect the integration process to be largely completed by the end of 2026.
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Integration of Credit Suisse into UBS now complete
UBS took over Credit Suisse – both systemically important banks – in March 2023 in order to prevent the imminent collapse of Credit Suisse and to avert a financial crisis in Switzerland and worldwide.
Credit Suisse had experienced acute crisis due to combination of scandals, high financial losses and a massive loss of confidence. The takeover was organised under strong pressure from the authorities, in particular from the Federal Council, the Swiss National Bank and the financial market supervisory authority Finma, which wanted to ensure the stability of the financial system.
Adapted from German by AI/sb
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