By Adria Calatayud

UBS Group's board approved a merger between its UBS AG and Credit Suisse AG subsidiaries, as the integration process following the takeover of Credit Suisse Group earlier this year continues.

The Swiss banking giant said Thursday that its board gave green light to the move and that both entities entered into a definitive merger agreement following approvals from their respective boards. This comes after the holding companies of UBS and Credit Suisse completed their merger in June.

The completion of the UBS AG-Credit Suisse AG merger is expected in 2024, subject to regulatory approvals, UBS said.

UBS had previously indicated that it planned to merge UBS AG with Credit Suisse AG, as well as Swiss businesses Credit Suisse (Schweiz) AG with UBS Switzerland AG, next year and to transition to a single US intermediate holding company in the first half of 2024.

UBS continues to prepare for the planned merger of UBS Switzerland AG and Credit Suisse (Schweiz) AG also in 2024, it said.

Write to Adria Calatayud at adria.calatayud@dowjones.com

(END) Dow Jones Newswires

December 07, 2023 08:54 ET (13:54 GMT)

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