Zurich After taking over its former rival Credit Suisse, the major Swiss bank UBS initially wants to operate the business of both institutes independently of one another. UBS announced on Tuesday in Zurich that the integration would take place in stages.
For the time being, two separate parent companies are planned, UBS AG and Credit Suisse AG. Both would continue to operate their subsidiaries and offices, serving their clients and doing business with counterparties.
In addition, UBS presented the future joint management team of the banking group. With the completion of the transaction, the current Credit Suisse boss Ulrich Körner will also become a member of the UBS group management. Todd Tuckner succeeds Sarah Youngwood at the helm of finance. You will leave the bank after the transaction is completed.
Iqbal Khan will remain in office at UBS as head of global wealth management, Rob Karofsky as head of the investment bank and Sabine Keller-Busse as head of Switzerland. Michelle Bereaux will be responsible for the integration, Christian Bluhm will remain on board as head of risk. With the exception of Körner, there was initially no information on the future of Credit Suisse management.
“UBS believes it has the right corporate structure and leadership team for a successful integration,” the bank said in a statement. “Wherever possible, UBS will provide regular information about the integration process.” According to its own statements, UBS assumes that the legal conclusion of the transaction will take place in the next few weeks.
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