According to reports, a senior executive at UBS Group stated on Tuesday that the merger of UBS Group's and Credit Suisse's Swiss departments could be completed as early as July 1st.
Last year, UBS Group acquired the former competitor Credit Suisse after its collapse and had previously stated that the Swiss departments of the two companies would merge in the third quarter.
Sabine Keller-Busse, President of UBS Group's Swiss division, said in an interview with the Neue Zürcher Zeitung that the merger plans are progressing "very smoothly."
"The merger could be completed on July 1, 2024," she stated.
Keller-Busse also mentioned that customers will begin transitioning to UBS's IT systems in 2025.
The merger of UBS Group and Credit Suisse's parent companies was completed at the end of last month.
After UBS Group absorbed Credit Suisse, Switzerland is left with only one global bank, with a balance sheet about twice the size of Switzerland's annual economic output.
The progress UBS Group makes in integrating its long-term competitor will be a key measure of the success of this transaction.
Keller-Busse reiterated that due to the overall merger, 3,000 people in Switzerland will lose their jobs. When asked if she hopes to succeed UBS Group CEO Sergio Ermotti, who is expected to step down in about three years, she is considered one of the potential candidates.
She told the newspaper, “I have one of the most interesting jobs in the banking industry, and that has always been my focus. These speculations are meaningless to me.”
