UBS Board Approves Execution Of UBS-Credit Suisse Merger

(RTTNews) - Swiss banking giant UBS AG (UBS) announced Thursday its Board of Directors has approved the execution of a merger of UBS AG and Credit Suisse AG. Following approvals from their respective Boards, both entities have entered into a definitive merger agreement.

This follows the merger of the holding companies UBS Group AG and CS Group AG on June 12, 2023.

The completion of the merger is subject to regulatory approvals and is expected to happen in 2024.

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

In March 2023, UBS agreed to buy troubled rival Credit Suisse for 3 billion Swiss francs or about $3.24 billion.

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