The two main Swiss banks, UBS and Credit Suisse, officially started the merger process today with the approval of this process by their boards of directors, after the former acquired the latter on March 19 and this purchase was completed on June 12.
“After the approval of each of the boards, both entities enter into a final merger agreement,” said a statement from UBS today, which states that this process must be submitted for approval to various regulators throughout the coming year 2024.
The merger, the first in the world of two banks considered systemically significant, concluded with the disappearance of Credit Suisse as an independent brand, after 167 years of history.
UBS acquired Credit Suisse in March this year, at the request of the Swiss government, as an emergency measure to resolve the financial crisis and the serious picture that the first entity is going through, after years of bad investment decisions and months of the collapse of its value in the stock market.
The merger will mean a significant reduction in the combined workforce of UBS and Credit Suisse, which currently consists of about 120,000 people worldwide, although the total number of jobs that will be eliminated is still unknown.