UBS-Credit Suisse Integration To Take 3-4 Years: UBS Group Ag Chairman Colm Kelleher

Today, on Wednesday April 5, 2023, in the annual general meeting, UBS Group AG Chairman Colm Kelleher said that the integration of Credit Suisse Group AG will take three to four years, excluding the wind down of the investment bank, first reported by Bloomberg.

There is a "huge amount of risk in integrating businesses" even after the government has provided support for downside protection, he remarked during the meeting. "Credit Suisse will no longer be an independent company. It was an icon of the Swiss economy, a bank that played a vital role in the economic development of Switzerland and a global and respected player." Kelleher said.

According to report, UBS has agreed to buy its long-standing rival, Credit Suisse for 3 billion Swiss francs last month. Each shareholder will receive 1 UBS share for every 22.48 Credit Suisse shares held.

Kelleher even acknowledged that shareholders did not get a chance to vote on the deal, because there was "no time" to consult them as the government frantically took the decision to lead up to the emergency rescue.

"I understand that not all stakeholders of UBS and Credit Suisse are pleased with this approach," Kelleher said. "However, all parties, and in particular the Swiss authorities, considered this solution the best of all available options."