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One Bank Collaboration (OBC) is all about having an established network of colleagues who have the trust in each other to execute and deliver the right solutions to the bank's clients. Through this strategy, Credit Suisse generates creative solutions and enables stronger client relationships.
On 19 March 2023, Swiss bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion (US$3.2 billion) in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority.
The strategic update suggests that UBS has started to look beyond the integration of its former competitor, which was rescued from collapse by government support in March. The acquisition of some of Credit Suisse's business territories in Asia and Latin America has given UBS an immediate scale boost.
Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group.
The combined group will oversee $5 trillion of assets, giving UBS a leading position in key markets it would otherwise have needed years to grow in size and reach. The merger also ends Credit Suisse's 167-years of independence.
Each Credit Suisse shareholder will receive cash in lieu of any fractional UBS Group AG Shares that such stockholder would otherwise receive in the transaction. Note that if you hold Credit Suisse ADSs, the Credit Suisse Depositary may charge you certain fees in connection with the transaction.