UBS Completes Merger of Credit Suisse Luxembourg into UBS Europe SE

On Monday 21 October 2024, UBS Europe SE, Luxembourg Branch announced that it has completed the integration of Credit Suisse (Luxembourg) SA into UBS Europe SE.

The firm noted that the completion of the integration was achieved within the expected timeline announced earlier this year.

On a global level, the integration brings together the collective expertise, scale and wealth management leadership of both UBS and Credit Suisse to create "an even more powerful" firm. The two banks together have over 300 years of Swiss banking experience and combined assets of more than $5 trillion. They are present in 50+ locations with more than 100 000 employees representing 145 nationalities.

Christian Borner, Country Head of UBS in Luxembourg, said: "With the integration of Credit Suisse into UBS, we have achieved a significant milestone as the first GWM [global wealth manager] location of the UBS family worldwide. This allows us to strengthen our long-standing tradition and track record in the Grand Duchy, which dates back to 1973. The integration of Credit Suisse does not change our strategy but rather accelerates its execution. At UBS, we are convinced that no two clients are alike and that neither are their financial needs. This commitment is embedded in every service we offer."

Christian Schoen, Head of Integration for Luxembourg, added: "This is the start of a new and exciting chapter. In Luxembourg, our combined teams are now working in two buildings on Kirchberg. Overall, UBS is able to enhance its services with the integration by counting new advisory offices in Portugal and France, and reinforcing its Asset Servicing business with depositary banking services offered out of Ireland and a one-stop-shop solution with our own fund administration."

In Luxembourg, the bank will continue to act as a cross-border competence centre for Wealth Management clients located in Europe, with a special focus on the Nordics and Benelux, who are seeking "personalised solutions that fit their wealth situation". Alongside this, the bank's Asset Servicing business provides "institutional capabilities with the DNA of a global wealth manager". With the integration, UBS said it is now able to offer its clients access to both a one-stop-shop solution with an in-house depositary bank, fund administration and management company, as well as an open architecture setup in collaboration with its long-standing partners. UBS's business is completed by its local Asset Management division, which acts as a pan-European hub for funds, white labelling solutions and discretionary mandates made in Luxembourg.