UBS Begins to Merge Parent Banks

UBS has formally begun the integration of Credit Suisse’s parent bank, the Swiss bank said, marking a key next step in what is the first merger of two global systemically important banks.

UBS said its board of directors had given the green light for the respective parent banks, UBS AG and Credit Suisse AG, to fuse.

“The completion of the merger is subject to regulatory approvals and is expected to happen in 2024,” UBS said in a statement.

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