Here’s the full text of a memo to UBS Group AG staff from Chief Executive Officer Ralph Hamers, following the news that the bank would acquire Credit Suisse:
Dear colleagues,
Today we announced our planned acquisition of Credit Suisse.
The combination of Switzerland’s two leading and most prestigious banks — representing a combined legacy of more than 300 years — is a moment of historic relevance for the Swiss financial center — and for our industry. It’s also an opportunity for us to progress our strategy of enhancing our market-leading wealth management capabilities, expanding our geographic footprint and growing our capital-light business
What this means for our market position
UBS will become an even stronger global wealth management powerhouse — with USD 5 trillion in total invested assets and, importantly, unrivalled scale and leadership in highly attractive growth areas. This particularly supports our growth ambitions in the Americas and Asia Pacific, which are key to our growth strategy.
We’ll reinforce our position as the leading universal bank where our roots are — in Switzerland. The combined business will be a leading asset manager in Europe, with invested assets of USD 1.5 trillion.
We’ll also reinforce our global competitive investment banking capabilities with institutional, corporate and wealth management clients through the acceleration of strategic goals in Global Banking while managing down the rest of Credit Suisse’s Investment Bank.
What it means for UBS in the future
I know you’ll have questions about the future for the combined bank. Our aim is to create a UBS that continues to serve the best interests of our clients and is sustainable in the long term. And that continues to provide employees many opportunities to develop and grow.
It’s too early to say more, but our guiding principles are clear. First, this combination is about growth, which means we need talented people more than ever. Second, it provides opportunity for more efficiency improvements. Third, as always, we will be open in our communications, sharing information with you as it becomes available.
Please remember that, until this deal closes, Credit Suisse is still our competitor and we cannot discuss business matters with their employees or take any action that could be interpreted as a step toward the merging of business.
What it means for our clients
Across all our businesses, we remain firmly committed to exceptional client service and exceling in those areas that we choose to focus. We’ll therefore plan our combination with Credit Suisse thoughtfully and I’m confident of our ability to execute with speed and efficiency.
Bringing UBS and Credit Suisse together will build on UBS’s strengths and further enhance our ability to serve our clients globally, deepening our best-in-class capabilities.
We remain committed to our growth plans in the Americas and Asia Pacific. We will continue to invest there, and the transaction will expand our investment banking advisory capability, supporting our wealth management offering.
We’ll never compromise on the service and quality that are hallmarks of our brand. We will always look to create a combination that brings even more value to our clients.
What it means for the financial sector
We are living in times when macro-economic and geopolitical uncertainties make business conditions challenging and unpredictable. Through this acquisition, we are contributing to a stronger financial sector. We have the full support of the Swiss Federal Department of Finance, FINMA, the Swiss National Bank and international regulators.
Thank you
The coming weeks and months will be the beginning of an unprecedented journey for all of us and our future colleagues in Credit Suisse. I know I can count on you to extend a warm welcome to them and I thank you for your focus, commitment, professionalism, and passion for our dients. They’ll continue to be the bedrock of our joint success.
I look forward to speaking with as many of you as possible over the coming days and weeks as we embark on this journey together.
Yours sincerely,
Ralph
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