UBS marks takeover milestone as Credit Suisse is no more

In March 2023, UBS was strongarmed by the government into buying Credit Suisse over fears that the second largest lender in the country might go under and spark a global financial crisis. — Reuters picZURICH, June 1 ― Swiss banking giant UBS yesterday completed the merger of its parent company with Credit Suisse AG as its fallen rival legally ceased to exist, more than a year after the emergency takeover.

In a statement, UBS said Credit Suisse AG ― or limited company ― had been deleted from the Canton of Zurich's commercial register, and has thus ceased to exist as a separate entity.The bank added that Credit Suisse AG's clients are now considered to be clients of UBS AG. However, the takeover opened up a new chapter for UBS, which found itself forced to clean up a bank rocked by repeated scandals.

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