More Ermotti: "a lot of work, but efforts are bearing fruit" (cross-border guide)

Context

In a nutshell

• Sergio Ermotti, CEO of UBS, comments on the integration of Credit Suisse
• The acquisition was a "prize" won with commitment

Key facts

• Credit Suisse integration took a lot of work
• Efforts are paying off and shareholder patience is starting to be rewarded
• Second quarter results and capital generation strengthened UBS's resilient balance sheet
• Institution is well positioned to exceed performance targets
• UBS continues to focus on customer proximity, completion of integration and implementation of growth plans

Sergio Ermotti's comment

"From the beginning I stressed that the acquisition of Credit Suisse was not a gift we had received, but a prize that we should have won with commitment"

The CEO of UBS said that the integration of Credit Suisse was not a linear process, but required a lot of hard work from his colleagues. “The integration process has been complex and has required a great deal of work from everyone, but the efforts are paying off,” Ermotti said.

According to official data, the merger between UBS and Credit Suisse resulted in an investment of over CHF 1.3 billion in 2023. This includes the costs of onboarding, reorganizing employees, and purchasing new technologies.

However, the results of the second

Operational details

Credit Suisse's integration has been a long and complex process, but Ermotti stressed that shareholder efforts are starting to pay off. The UBS CEO also said the institution's resilient balance sheet was further strengthened by strong second-quarter results and robust capital generation. The merger between Credit Suisse and UBS was completed in September 2022, after an integration process that took about 12 months of work. Ermotti said that the integration team worked hard to achieve the goals set, and that the efforts were crowned with success. One of the main objectives of integration has been to create a stronger and more resilient banking institution. Ermotti said UBS's balance sheet was further strengthened by strong second-quarter results, with revenue up 10% from the same period a year earlier. In addition, robust capital generation has allowed the institution to increase its investment and growth capacity. The merger also gave UBS access to new markets and new growth opportunities. Ermotti said the institution is now able to offer a wider range of financial services to its clients, including investment and wealth management services. In addition, the merger enabled UBS to reduce costs and - Capital generation : UBS's capital generation has been robust, allowing the institution to increase its investment and growth capacity. - Savings : UBS achieved savings of around CHF 1.5 billion during the year, thanks to reduced costs and increased operational efficiency.

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Key points

The recent integration of Credit Suisse into UBS has led to a greater offering of products and services for UBS clients. UBS CEO Sergio Ermotti said the institution feels well positioned to exceed performance targets and continues to focus on customer proximity and risk management.

UBS shareholders can count on the extraordinary patience and support of the CEO and his team. Ermotti also highlighted that the institute is working hard to achieve the goals, but the results are beginning to manifest. According to UBS data, turnover increased by 10% in the first half of 2023 compared to the same period of the previous year, bringing the total to 45.6 billion Swiss francs.

The integration of Credit Suisse has also allowed UBS to expand its presence in Switzerland, with the opening of new offices in cities such as Zurich and Geneva. The new structure has also made it possible to improve risk management, with the introduction of new technologies and more advanced risk management processes.

According to Ermotti, UBS's main objective is to maintain its leading position in the Swiss banking sector. To achieve this, the institute is working to improve its product and service offering, increasing its presence in Switzerland and improving risk management.

The patience and support of the CEO and his team are

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Source: swissinfo.ch