07:13 AM EDT, 10/10/2024 (MT Newswires) -- UBS (UBS) Chief Operations and Technology Officer Mike Dargan is confident that the integration of Credit Suisse is "bang on target" after a successful test migration of hundreds of Credit Suisse clients from Hong Kong and Singapore to the UBS platform, Reuters reported Thursday.

UBS plans to migrate a total of 1.3 million clients, starting with those in Luxembourg and Hong Kong in the coming weeks and then Singapore and other countries later in 2024 and next year, according to the report.

"This is the largest migration of data as part of an M&A transaction in financial services, if not the biggest overall," Reuters quoted Dargan.

The report added that the bank had decommissioned about 560 out of 3,000 Credit Suisse applications as well as 13 petabytes of data and 40,000 servers.

UBS did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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