Swiss banking giant UBS (UBS) says it plans to have its merger with former rival Credit Suisse completed by July 1 of this year.
UBS, which acquired Credit Suisse in 2023 for $3.2 billion U.S. after the bank's collapse, had previously said that the banks combination would be completed by year’s end.
The merger of the financial institutions’ parent companies was concluded at the end of May this year, paving the way for UBS to complete its absorption of Credit Suisse by July 1.
Former customers of Credit Suisse will begin transferring to UBS' information technology (IT) system in 2025.
UBS' takeover of Credit Suisse has left Switzerland with one global bank that has a balance sheet twice as large as the country's economy.
The bank merger has led to about 3,000 layoffs in Switzerland, one of the biggest job reductions in the country’s history. Switzerland has a population of just under nine million people.
UBS stock has risen 54% in the last 12 months and currently trades at $31.26 U.S. per share.
