On March 19, 2023, UBS announced its acquisition of Credit Suisse, aiming to create a financial giant with over $7 trillion (USD 5 trillion) in total invested assets. This merger bolstered UBS’s position as the leading Swiss-based global wealth manager with more than $4.6 trillion (USD 3.4 trillion) in combined invested assets, emphasizing its strength in attractive growth markets.

The deal reinforced UBS’s dominance as a universal bank in Switzerland and established the combined entity as a leading asset manager in Europe with over $2 trillion (USD 1.5 trillion) in invested assets. UBS Chairman Colm Kelleher described the acquisition as an emergency rescue for Credit Suisse, structured to preserve its value and limit UBS's downside exposure.

Under the terms of the all-share transaction, Credit Suisse shareholders received 1 UBS share for every 22.48 Credit Suisse shares, valuing the deal at $4 billion (CHF 3 billion). UBS secured $37 billion (CHF 25 billion) in downside protection to manage purchase price adjustments, restructuring costs, and non-core asset risks. Both banks retained access to Swiss National Bank’s liquidity facilities.

The merger is expected to generate over $11 billion (USD 8 billion) in annual cost reductions by 2027. UBS’s investment banking arm will enhance its global position with institutional, corporate, and wealth management clients. The transaction is anticipated to be EPS accretive by 2027, with UBS maintaining a capital ratio above 13%. The deal received pre-approval from key regulatory bodies and is not subject to shareholder approval.