All about the Credit Suisse International Part VII

On 12 June 2023, UBS Group AG acquired Credit Suisse Group AG (the former parent company of Credit Suisse AG), succeeding by operation of Swiss law to all assets and liabilities of Credit Suisse Group AG (the Credit Suisse Acquisition).

Following the Credit Suisse Acquisition, the newly combined UBS group (the UBS Group) developed plans for the integration of the former “UBS” and “Credit Suisse” groups (as they existed prior to the Credit Suisse Acquisition), as the logical and necessary next step in order to integrate the UBS Group, unify the service offering in locations where “UBS” and “Credit Suisse” offered similar services (where appropriate), and bring operational efficiencies to the UBS Group.

The Wind Down of CSi

Prior to the Credit Suisse Acquisition, Credit Suisse International’s (CSi) purpose was to provide its global clients with a range of financial solutions. However, as a result of the Credit Suisse Acquisition, CSi no longer holds a pivotal role in the UBS Group, its purpose has changed, and it is now in a controlled and solvent wind down which is expected to take a number of years (the Wind Down).

To facilitate the Wind Down the UBS Group intends to bulk transfer CSi’s residual business and related products by way of a banking business transfer under Part VII of the UK Financial Services and Markets Act (Part VII) to core entities in the UBS Group, namely UBS AG, London Branch (UBS AGLB) and UBS Europe SE (UBS ESE).

What is a Part VII?

A Part VII banking business transfer is a business transfer process whereby the assets (including contractual arrangements) and liabilities of one bank are transferred to another bank by operation of law under Part VII of the Financial Services & Markets Act 2000.

The process that must be followed is stringent to ensure that sufficient protections for counterparties are achieved. To be effective, the Part VII is required to be sanctioned by the High Court of England and Wales (the Court). In considering the Part VII, the Court will take into account the views of the UK financial services regulators, the PRA and the FCA, and any objections, or expressions of concern or dissatisfaction from affected parties such as transferring counterparties.

Key anticipated dates

The Part VII involves court processes with the High Court. The Part VII Sanction Hearing is due to occur in The Rolls Building, Fetter Lane, London EC4A 1NL on 18 July 2025.

If the High Court approves the proposed Part VII, we expect the transfer of the business to commence in July 2025 and take effect over a period of six months from the Effective Date. We will update this website with any changes to the key anticipated dates and the outcome of the High Court hearing and, if the Part VII is approved, we will write to you to inform you about the timing of the transfer of your products to UBS AGLB and UBS ESE.

• 19 March 2025 - Directions Hearing
• 18 July 2025 - Sanction Hearing
• 22 July 2025 - Effective Date of the Part VII
• Q3 and Q4 2025 - Transfers of business moving in accordance with the Part VII