UBS, Credit Suisse to shut 85 Swiss branches in consolidation move

UBS Credit Suisse branch closures: Swiss financial giants UBS and Credit Suisse are set to shutter 85 branches across Switzerland by 2025, according to reports from Swiss media. The closures are part of UBS' consolidation efforts following its acquisition of Credit Suisse in 2023.

The closures will primarily affect branches located in close proximity to each other, with a pilot phase for the consolidation process scheduled to commence in April, as reported by the Aargauer Zeitung. UBS CEO Sergio Ermotti had previously outlined the bank's intention to streamline operations and reduce costs by eliminating branch duplication during a regular earnings call in February.

Currently, UBS operates approximately 190 branches across Switzerland, while Credit Suisse has 95 branches. Upon completion of the consolidation process, UBS aims to maintain coverage in the same locations currently served by both banks, albeit with a significant reduction in the total number of branches, accounting for roughly a third of the current count.

The consolidation marks a significant milestone in UBS's absorption of Credit Suisse's business following the latter's collapse in 2023 amid a series of financial challenges.

(With Reuters inputs.)