After taking over its former rival Credit Suisse, the major Swiss bank UBS initially wants to operate the business of both institutes independently of one another. UBS announced on Tuesday in Zurich that the integration would take place in stages.
For the time being, two separate parent companies are planned, UBS AG and Credit Suisse AG. Both would continue to operate their subsidiaries and offices, serving their clients and doing business with counterparties.
In addition, UBS presented the future joint management team of the banking group. With the completion of the transaction, the current Credit Suisse boss Ulrich Körner will also become a member of the UBS group management. Todd Tuckner succeeds Sarah Youngwood at the helm of finance.
According to its own statements, UBS assumes that the legal conclusion of the transaction will take place in the next few weeks. (dpa)
