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UBS Group AG will manage 2 separate parent banks

UBS Group AG will manage 2 separate parent banksUBS has completed the acquisition of Credit Suisse, crossing an important milestone. Credit Suisse Group AG has merged into UBS Group AG, and the combined entity will operate as a consolidated banking group. Credit Suisse Group AG ADS will no longer be traded on the New York Stock Exchange. Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held.

UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its subsidiaries and branches, serve its clients and deal with counterparties.

The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.

Colm Kelleher, UBS Group AG Chairman, said: “I‘m pleased that we’ve successfully closed this crucial transaction in less than three months, bringing together two global systemically important banks for the first time. We are now one Swiss global firm and, together, we are stronger.”

Sergio P. Ermotti, CEO of UBS Group AG, added: “Today we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey. Together, we’ll present our clients an enhanced global offering, broader geographic reach and access to even greater expertise.”

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