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Credit Suisse integration into UBS completed before the end of September
UBS CEO Sergio Ermotti said today that the integration of Credit Suisse into UBS's domestic structure will be completed before the end of September.
© Lusa
Economia Credit Suisse
The head of Europe's second-largest bank by market capitalisation was speaking at the general meeting of shareholders being held today in Basel, Switzerland.
To complete this process, which began with the acquisition of Credit Suisse in March 2023, "restructuring and optimisation measures" are still needed, said Ermotti, stressing that 2024 is a decisive year for UBS to achieve its development objectives.
The integration of Credit Suisse, which was acquired at the request of the Swiss government to save it from bankruptcy, "is a marathon, not a sprint", said Ermotti in his speech to the bank's shareholders, which after the merger became the second largest in Europe in terms of market capitalisation.
However, he warned that integration into the Swiss market could imply "sacrificing some of the profitability and growth declared in the short term", although the operation "strengthens quality, stability and long-term earning potential".
One of the steps to be taken in the complex merger process, which Ermotti was tasked with carrying out when he was appointed CEO a few days after the acquisition of Credit Suisse, will be, according to the manager, the conversion of the two institutions' North American activities into a single entity before the middle of this year.
From the second half of 2024, the objective will be to liquidate the old Credit Suisse platforms, a process that "will continue in 2025, before we approach our target position in 2026", he said.
The 2024 meeting is less controversial than last year's, when the then recent acquisition of Credit Suisse sparked numerous protests from shareholders against the risk taken by UBS.
This time, however, shareholder concerns have also come to the fore, especially after the Swiss government launched new measures to strengthen its financial system and avoid potential problems in its large banks, forcing them to increase their own liquidity ratio.
Analysts' calculations indicate that this adaptation to the measures that Bern is taking to avoid a repeat of serious crises such as that of Credit Suisse last year could cost UBS between 15 and 25 billion dollars (14 to 23 billion euros).
Shareholders are also concerned about the amounts received by Ermotti in 2023, in the amount of 14.7 million euros in salary and bonuses, which made him the highest paid banker in Europe, despite only having taken over the management of UBS in April.
Read Also: Santander Totta schedules bondholders meeting to analyse mergers (Portuguese version)
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