Switzerland's largest bank, UBS Group AG, plans to close almost all branches of Credit Suisse Group, which were absorbed in a deal closed in June 2023. This is reported by foreign media, referring to the chairman of the Board of directors of UBS Switzerland Bank.
Starting from the first quarter of 2025, 85 branches of UBS and Credit Suisse group banks will be closed in Switzerland. Thus, UBS Group AG will have 160 Swiss branches, which is almost the same as the number of branches of the bank before the takeover of Credit Suisse.
In 2023, UBS Group AG said it would close approximately two-thirds of Credit Suisse's investment bank, including many trading operations, and, accordingly, reduce the number of jobs.
On June 12, 2023, UBS announced the completion of the Credit Suisse takeover, as a result of which Credit Suisse Group AG was merged with UBS Group AG. The combined entity will function as a consolidated banking group. As part of the further integration, UBS Group AG will manage two separate parent banks, UBS AG and Credit Suisse AG.
UBS Group is the largest Swiss financial holding company providing a wide range of financial services. The headquarters is located in Zurich (Switzerland).
Credit Suisse Group was the second largest Swiss financial conglomerate before the takeover by UBS bank. The headquarters will be located in Zurich (Switzerland).
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