UBS Group AG has completed the migration of all former Credit Suisse clients to its own systems, marking a substantial step toward finishing the integration of the competitor it bought in a historic deal three years ago.
The lender concluded the shift of former Credit Suisse customers in Switzerland, according to a statement on Wednesday. The bank will now begin "the final phase of the integration" including decommissioning some IT infrastructure, and it's "on track to substantially complete" that by the end of the year, it said.
"We've smoothly transferred around 1.2 million clients globally," Chief Executive Officer Sergio Ermotti said in the statement. "We've reached another critical milestone in the first combination of two global systemically important banks and one of the most complex integrations in banking history."
UBS agreed to buy Credit Suisse in a government-engineered rescue operation announced in March 2023 as the rival was teetering on the brink of collapse. The takeover boosted UBS's size but also saddled it with the challenge of integrating vast operations, which involved cutting staff, getting rid of legacy assets, and combining the IT systems.
The Swiss lender now faces tens of billions of US dollars in fresh capital requirements as the government seeks to fortify its financial system. UBS is seeking to convince the authorities to water down the proposals, with a decision expected as soon as next month.
UBS is expecting to start a fresh round of job cuts soon, which was planned for after the decommissioning of some computer systems it inherited, Bloomberg previously
"There is still much to be done to complete the integration," Ermotti said. "However, the end of the customer migration strengthens UBS's business and lays the foundation for an even broader and more seamless offering for all customers."
