Captivating Transition: UBS CEO Announces Credit Suisse Customer Migration to Span 18 Months

UBS Group AG CEO Sergio Ermotti announced on Thursday that the transition of Credit Suisse clients to UBS is expected to take approximately 18 months. This move is a part of ongoing integration efforts following UBS's acquisition of its former rival. The acquisition occurred after Credit Suisse faced a downfall due to numerous scandals and setbacks last year. Ermotti committed to overseeing the integration process to completion, emphasizing the vital role of transitioning clients. He highlighted at an event in Washington, D.C., that the migration of clients from Credit Suisse's systems to UBS's systems has begun.

Ermotti had previously noted that integrating the two banks' information technology aspects could be a lengthy process. Reaffirming this view, he stated, "We are starting the process of transitioning clients from the Credit Suisse platform to the UBS platform. This process will continue for about 18 months." Acknowledging the complexity of the task, Ermotti expressed confidence in the eventual benefits. He believes that the integration is expected to provide increased value not only to shareholders but also to clients and employees.

Furthermore, Ermotti suggested that the integration could serve as an informative example for regulators assessing the resolution processes of banks deemed systemically important. He proposed that UBS's handling of the Credit Suisse situation could serve as a practical case study in this context.