Market Analysis

The merger of the Swiss units of UBS and Credit Suisse could be finalized as soon as July 1, according to a senior executive at UBS, as reported on Tuesday.

UBS, which acquired Credit Suisse last year following its collapse, had initially suggested that the merger of the two units would occur in the third quarter of this year.

In an interview with the Neue Zuercher Zeitung newspaper, Sabine Keller-Busse, president of UBS Switzerland, stated that the merger process was progressing "very well."

"The merger could be completed by July 1, 2024," she said.

Keller-Busse mentioned that the transfer of customers to UBS's IT systems would begin in 2025.

The merger of the parent companies of UBS and Credit Suisse was finalized at the end of the previous month.

With UBS absorbing Credit Suisse, Switzerland now has a single global bank, possessing a balance sheet approximately twice the size of the country’s annual economic output.

The integration of Credit Suisse by UBS is a critical measure of the merger's success.

Keller-Busse also confirmed that the overall merger would result in 3,000 layoffs in Switzerland. When asked about the possibility of succeeding UBS CEO Sergio Ermotti, who is anticipated to step down within the next three years, she responded:

"I have one of the most interesting jobs in the banking industry," she said. "That's my focus, as it always has been. Any speculation about my future role is irrelevant to me."

Paraphrasing text from "Reuters" all rights reserved by the original author.