The integration will take place in stages, UBS announced on Tuesday in Zurich. For the time being, two separate parent companies, UBS AG and Credit Suisse AG, are planned. Both would continue to operate their subsidiaries and offices, serve their customers and do business with counterparties.
UBS also presented the banking group's future joint management team. Upon completion of the transaction, the current Credit Suisse CEO Ulrich Körner will also become a member of the UBS Group Executive Board. Todd Tuckner replaces Sarah Youngwood as head of the finance department. UBS says it expects the transaction to be legally completed in the coming weeks.