The local unit of Swiss bank UBS and Credit Suisse’s activities in the country have been merged, the bank said on Monday. The firm also announced the departure of the head of the Credit Suisse division.

Following the merger of Credit Suisse (Schweiz) AG and UBS Switzerland AG, Andre Helfenstein, CEO of Credit Suisse Switzerland, has made the decision to depart the company, the bank said.

All of Credit Suisse’s rights and liabilities were assumed by UBS Switzerland after the merger, which should make it easier for clients to transfer their activities on the UBS platform.

The move, according to UBS Switzerland President Sabine Keller-Busse, marks a significant turning point in the integration of Credit Suisse UBS after the acquisition last year.

“The migration of the majority of client transactions in Switzerland to the UBS platform will take place in 2025 and will be gradual, with tailored updates to our clients,” she said in a statement.

In Hong Kong and Singapore, UBS has already started to replace Credit Suisse with its clientele.

The combination of the two organisations also allows UBS to move more quickly with its intention to eliminate 3,000 positions in Switzerland. Analysts have projected that over 30,000 jobs might be eliminated globally.

The size and strength of the expanded UBS, which experts claim has a dominant position in areas like the Swiss loan and debt markets since it took over Credit Suisse in a state-engineered bailout, has been the subject of intense debate in Switzerland.

Nonetheless, in spite of suggestions from the nation’s antitrust authority that the acquisition deserved more investigation, Switzerland’s financial regulator decided last month that it did not raise any issues with competition.

(Adapted from Investing.com)