"UBS has completed the acquisition of Credit Suisse today, crossing an important milestone. Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group," the Swiss banking group said in a statement.
UBS Group AG will manage two separate parent banks, UBS AG and Credit Suisse AG, the statement read. Each institution will retain its subsidiaries and branches, keep serving its clients and working with counterparties. The board of directors and group executive board of UBS Group AG will be responsible for the consolidated group.
"In the future, UBS will report consolidated financial results for the combined group under IFRS [International Financial Reporting Standards] in USD. The second-quarter 2023 earnings will be communicated on 31 August 2023," the banking group added.
The announcement came after last week, UBS reached an agreement with the Swiss government that the latter would cover losses of 9 billion francs (about $10 billion) that might emerge as a result of the takeover of Credit Suisse, after UBS covers the first $5.5 billion in losses.
In mid-March, Credit Suisse's share price plunged nearly 30%, sparking fears of a liquidity crunch. The incident followed the collapse of several US financial institutions, including Silicon Valley Bank. Later in the month, the Swiss National Bank announced the acquisition of Credit Suisse by UBS.