Less than six months ago, private bankers and the broader financial community were stunned when UBS announced that it would be taking over its historic rival Credit Suisse in a hastily-arranged marriage brokered by Swiss authorities.
At the time, Credit Suisse faced few options after the cumulative impact of scandals including those of Archegos Capital Management and Greensill, more than US$100 billion of client outflows, and a spiralling loss of confidence took a sledgehammer to the Zurich-based lender’s share price.
The rescue was not exactly warmly-welcomed by UBS and its investors either, despite the heavily marked-down CHF 3 billion price tag. When the deal was announced in March, UBS’s share price fell heavily as the bank faced up to the time-consuming – and likely expensive task – of integrating Credit Suisse.
UBS’s share price, trading volume, before and after Credit Suisse takeover (Source: CapitalIQ)
However, after several rounds of re-organisation – including in Asia – things are already starting to look rosier. As part of its 2Q 2023 earnings announced on Thursday, UBS unveiled record quarterly profits of US$29 billion and net new money of US$16.2 billion, prompting its share price to hit its highest point since 2008.
Below, Asian Private Banker presents a timeline of what has happened so far in the historic merger between UBS and Credit Suisse.
March 2023
UBS to merge with crisis-stricken Credit Suisse in CHF3 bn deal
UBS and Credit Suisse forced marriage: Here’s what it means for Asia
UBS turns to Ermotti as hard work of Credit Suisse rescue begins
UBS’s Khan reassures Credit Suisse bankers in closed-door meeting
April 2023
“We are truly sorry”: What we learned from UBS and Credit Suisse AGMs
UBS GWM soaked up US$28bn NNA in quarter that saw Credit Suisse collapse
May 2023
Credit Suisse CEO joins UBS board as post-acquisition structure unveiled
US$34.8bn: The amount UBS could reap from Credit Suisse rescue
June 2023
UBS seeks to stem Credit Suisse outflows with new three-year bonus scheme
“Why do I need two RMs?” UBS faces challenges of US$600bn Asia book
July 2023
Revealed: The Credit Suisse execs taking top jobs at UBS in APAC
Post-merger APAC AUM is about US$800 billion: UBS’s Edmund Koh
Indonesia rainmaker leaves UBS GWM as new leadership takes shape
Credit Suisse veteran secures North Asia top operating role at UBS
UBS unable to find role for Credit Suisse APAC CIO after merger
