UBS/CS Merger Completed
13 juin 2023 – Credit Suisse Group AG and UBS Group AG have completed their merger as of 12 June 2023, whereby Credit Suisse Group AG has been merged into UBS Group AG. The combined entity now operates as a consolidated banking group.
The merger was announced on 19 March 2023, following the intervention of the Swiss Federal Department of Justice, the Swiss National Bank and the Swiss Financial Market Supervisory Authority FINMA. In a unique step, the Swiss Federal Counsel had decided that as part of an emergency ordinance (Notverordnung), the merger does not require approval of the shareholders’ meetings of the two companies. Completion of the transaction was subject to certain conditions, including, inter alia, that the registration statement, which covers shares to be delivered, being declared effective by the US Securities and Exchange Commission. 12 June 2023 marked the last trading day of Credit Suisse Group AG shares on the SIX Swiss Exchange. The delisting will take place on 14 June 2023, the last effective trading day on SIX Swiss Exchange was on 12 June 2023 and the last technical trading day on SIX Swiss Exchange is on 13 June 2023, with trading suspended on 13 June 2023. Credit Suisse Group AG ADS are no longer traded on the New York Stock Exchange. As announced on 19 March 2023, Credit Suisse shareholders are receiving 1 UBS share for every 22.48 Credit Suisse shares held.
Walder Wyss acted as Lead Counsel to Credit Suisse on the merger with UBS. The Walder Wyss team was led by Urs Schenker (Capital Markets/M&A; Senior Counsel) and Christian A. Schmid (Capital Markets/M&A; Associate) and further included Dominik Hohler (Corporate/M&A; Partner), David Borer (Banking & Finance; Partner), Alex Nikitine (Corporate/M&A; Partner), Thiemo Sturny (Corporate/M&A; Partner), Irène Suter-Sieber (Employment; Partner), Tabea Gutmann (Employment; Associate), Dimitrios Berger (Capital Markets/M&A; Managing Associate), Thomas Müller (Banking & Finance; Partner), Sarah Vettiger (Banking & Finance; Senior Associate), Dieter Hofmann (Litigation/Arbitration; Partner), Giulio Donati (Litigation/Arbitration; Associate), Sanela Ninković (Litigation/Arbitration; Associate), Thomas Meister (Tax; Partner), Hans Rudolf Trüeb (Regulated Markets, Competition, Technology & IP; Partner), Michael Isler (Regulated Markets, Competition, Technology & IP; Partner), Helene Tasman (Banking & Finance; Trainee Lawyer), Joëlle Lötscher (Banking & Finance; Trainee Lawyer), Caroline Grand (Corporate/M&A; Trainee Lawyer) and Simon Mazidi (Regulated Markets, Competition, Technology & IP; Trainee Lawyer).