Changes in organization and acquisitions and disposals of subsidiaries and businesses

12 Months Ended

Dec. 31, 2023

Changes In Organisation And Disposals [Line Items]

Disclosure of changes in organisation and disposals [text block]

Note 30 Changes in organization and acquisitions and disposals of subsidiaries and businesses 

Acquisitions of subsidiaries and businesses

Acquisition of Credit Suisse Group

On 12 June 2023, UBS Group AG acquired Credit Suisse Group AG, succeeding by operation of Swiss law to all assets

and liabilities of Credit Suisse Group AG, and became the direct or indirect shareholder of all of the former direct and

indirect subsidiaries of Credit Suisse Group AG.

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Refer to the “Acquisition and integration of Credit Suisse” section of this report and Note 2 for more information

Disposals of subsidiaries and businesses

Sale of UBS Hana Asset Management Co., Ltd.

In the fourth quarter of 2023, UBS completed the sale of its

51

% stake in UBS Hana Asset Management Co., Ltd. to

Hana Securities. Upon completion of the sale, UBS recorded a pre-tax gain of USD

23

m (net of a foreign currency

translation loss) in Asset Management which was recognized in

Other income

.

Changes in organization

Legal structure integration

In December 2023, the Board of Directors of UBS Group AG approved the merger of UBS AG and Credit Suisse AG, and

both entities entered into a definitive merger agreement. The completion of the merger is subject to regulatory approvals

and is expected to occur by the end of the second quarter of 2024.

UBS also expects to complete the transition to a single US intermediate holding company in the second quarter of 2024

and the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG in the third quarter of 2024.