Following the merger of the holding companies UBS Group AG and CS Group AG on June 12, 2023, the Board of Directors of UBS Group AG approved the execution of the merger of UBS AG and Credit Suisse AG.

Following the approvals of their respective Boards, both entities have entered into a definitive merger agreement, UBS said in a statement, quoted by the newspaper Económico.

Completion of the merger is scheduled for 2024 and is subject to regulatory approvals.

Separately, UBS continues to prepare for the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG also in 2024, the bank reveals.

In connection with the planned merger, "UBS AG today files with the U.S. Securities and Exchange Commission (SEC) a Form 6-K containing unaudited pro forma condensed financial information giving effect to the merger."

"The proforma financial information is presented for illustrative purposes only and reflects preliminary estimates and assumptions made by UBS management. As such, these estimates and assumptions are subject to change," the bank points out.

It should be remembered that UBS CEO Sergio Ermotti has already explained that the two financial institutions "will operate separately until legal integration in 2024" and that "the Credit Suisse brand and operations will continue until the gradual migration of clients to the UBS system is completed", something that should be concluded in 2025.

In total, the two banks together employed around 120,000 staff worldwide at the end of 2022, including 37,000 in Switzerland.