On a global scale, the integration combines the collective expertise, scale and leadership in wealth management of UBS and Credit Suisse to create an even stronger firm. It makes UBS the only truly global wealth manager, with combined assets of over $5trn. The two banks combined bring over 300 years of Swiss banking experience and heritage to their clients and operate in more than 50 locations with over 100,000 employees representing 145 nationalities.
With the integration of Credit Suisse into UBS, we have reached an important milestone as the first GWM operation of the UBS family in the world.
Christian Borner, country head of UBS in Luxembourg, continues: “This allows us to strengthen our long-standing tradition and commitment in the grand duchy, which dates back to 1973. The integration of Credit Suisse does not change our strategy, but accelerates its execution. At UBS, we believe that all clients are different, as are their financial needs. This commitment is embedded in every service we offer.”
Christian Schoen, head of integration for Luxembourg, added: “We are opening a particularly exciting new chapter. In Luxembourg, our combined teams are now working in two buildings on the Kirchberg.”
Overall, the integration will enable UBS to enhance its services through new advisory offices in Portugal and France and by strengthening its asset servicing activities with custodian banking services offered from Ireland and a one-stop-shop solution with our own fund administration.
In Luxembourg, the bank will continue to act as a cross-border centre of competence for wealth management clients located in Europe, particularly in the Nordic countries and the Benelux countries, who are looking for customised solutions tailored to their wealth situation. In addition, the bank’s unique asset servicing business offers institutional capabilities with the DNA of a global wealth manager. As a result of this integration, UBS is now able to offer its clients a one-stop-shop solution with an in-house custodian bank, fund administration and management company, as well as an open architecture developed in collaboration with its long-standing partners. UBS’s business is further strengthened by its local asset management division, which acts as a pan-European hub for Luxembourg funds, white labeling solutions and discretionary mandates.