UBS completes Credit Suisse acquisition, shakes up leadership

UBS Group has concluded its acquisition of Credit Suisse Group, marking the largest banking merger since the 2008 financial crisis and establishing a global wealth-management powerhouse.  

In the wake of the takeover, UBS also announced changes to the executive board of Credit Suisse.  Several high-profile executives from Credit Suisse, including CFO Dixit Joshi and co-head of the investment bank David Miller, will be departing, while others will assume reduced roles. 

Reports indicate that Credit Suisse members will fill only a fifth of the 160 leadership positions in the combined bank.

Amy Lo, UBS Asia-Pacific co-head of wealth management, will expand her role to focus more on key clients following the completion of the takeover, according to report by Reuters. As chair of global wealth management Asia, she will concentrate on strategic growth opportunities, regulatory management, and serving key clients in the Hong Kong, North Asia, and Greater China regions. 

Jin Yee Young, former leader of the Asia-Pacific wealth business at Deutsche Bank and Credit Suisse, will join UBS on June 29 as Lo's co-head of the Asia-Pacific business.

Benjamin Cavalli will head strategic clients for UBS’ global wealth management team from July 3.

As part of the integration process, the trading of Credit Suisse Group AG shares on the SIX Swiss Exchange concludes today. Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. 

During the initial integration phase, UBS will maintain a governance model with two separate parent banks, UBS AG and Credit Suisse AG. Each institution will retain its subsidiaries, branches, and client relationships. 

Colm Kelleher, UBS Group AG Chairman, said: “I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger.”

Sergio P. Ermotti, CEO of UBS Group AG, added: “Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey.