Which Swiss bank was acquired by UBS in 2023?

The Swiss bank acquired by UBS in 2023 was Credit Suisse.

UBS agreed to buy Credit Suisse on March 19, 2023, in an emergency, government-supported transaction designed to prevent wider financial-market turmoil. The deal was arranged after Credit Suisse suffered years of scandals, losses, management problems, and large client outflows.

UBS completed the acquisition on June 12, 2023. It was an all-stock deal valued at about CHF 3 billion, and Credit Suisse shareholders received UBS shares under the agreed exchange ratio. The Swiss government and Swiss National Bank provided substantial guarantees and liquidity support.

Credit Suisse was not simply another UBS subsidiary or a rival such as Deutsche Bank or BNP Paribas; it was Switzerland’s second-largest major global bank and one of the world’s systemically important financial institutions. UBS retained the Swiss business but planned to retire the Credit Suisse brand.