Credit Suisse and UBS: a common future
On 31 August 2023, we announced the future direction for Credit Suisse’s Swiss business and that we will integrate it into UBS. We believe it is important to present our thoughts on the matter.
As promised, we took the necessary amount of time to decide on the future organization of the Swiss business of Credit Suisse, which we took over in an extraordinary emergency situation. This was to ensure we took the appropriate amount of care and that we based our decision on facts.
Our evaluations have clearly shown that only by integrating the Credit Suisse (Schweiz) AG into UBS can we enable a smooth transition as well as a successful future and generate long-term added value for clients, shareholders and employees.
The combined strengths of a united bank allows us to broaden our services for the benefit of our clients, to promote innovation and offer access to global expertise – enabled by our standing as the leading universal bank in Switzerland as well as excellent positioning in our global Wealth Management and Asset Management businesses and a capital-efficient Investment Bank.
Moreover, the integration enables us to create the stability that the Swiss financial center needs in order to remain successful as part of the global financial system. In this context we also examined the question of size in our domestic market. While we will lead in certain areas as a unified bank, we will not hold a dominant position, thanks to a healthy amount of competition that has developed in recent decades resulting in around 250 banks operating in Switzerland.
Our promise
We focus on our clients – private individuals, entrepreneurs, corporate and institutional clients – and support them in reaching their goals. We act with respect for Switzerland and its people. We rely on our strong UBS corporate culture, our proven risk approach and our high quality of service – and it is here that we will make no compromises. We are aware of our responsibilities and take our role seriously as a reliable partner of Switzerland as a financial and business center. This, for example, also includes our aim to continue the credit lines for corporates who are clients of both banks.
Clients will continue to receive the service they are accustomed to
Generally, there will be no immediate changes to their client relationship, and clients do not need to take any action. They will be able to use all services as before and transact new banking business at any time. There will be no fundamental changes to the relationship with contact partners or client advisors. We will require some time in order to carry out the integration with the utmost care. Should any adjustments be necessary, we will contact the clients affected.