UBS finishes Swiss client migration for Credit Suisse
UBS transferred 1.2 million former Credit Suisse clients to its platforms. This step allows the bank to decommission old systems and reduce operating costs.
UBS Group AG has finalized the migration of former Credit Suisse clients within Switzerland to its own systems, marking a pivotal step in the merger of the two banking giants. The announcement, made on Wednesday, signifies the completion of a complex technical transition following the 2023 takeover. Chief Executive Officer Sergio Ermotti stated that the bank has successfully transferred roughly 1.2 million clients worldwide. Ermotti highlighted that while the integration process continues, this milestone provides a more robust foundation for the firm's global operations. > There is still much work to be done to complete the integration, but the end of the client migration strengthens UBS franchise and lays the groundwork for delivering an even broader and more seamless offering to all clients. Chief Financial Officer Todd Tuckner explained that the conclusion of the migration phase enables the bank to proceed with the final stage of the integration. This involves the total decommissioning of the Credit Suisse platform, a move projected to yield significant cost efficiencies for the group. By consolidating all clients onto a single technological framework, the bank expects to simplify its internal processes and enhance its service capabilities for its expanded international customer base.
