07:13 AM EDT, 05/31/2024 (MT Newswires) -- UBS (UBS) said Friday it has completed its merger with Credit Suisse, which it acquired with the help of a Swiss government bailout following its 2023 collapse.

As of Friday, Credit Suisse "ceased to exist as a separate entity," a statement said.

The merger completion will smooth the process of bringing clients and operations under the UBS umbrella, the company said.

A transition to a single US holding company is planned for June 7 and for Switzerland in Q3, pending regulatory approvals.

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