Credit Suisse (UK) Limited Wealth Management Integration with UBS AG London

Credit Suisse Group AG (previously Credit Suisse (UK) Limited’s (“CSUK”) ultimate holding company) and UBS Group AG merged on 12 June 2023. Following that merger, CSUK is proposing to transfer its Wealth Management business to UBS AG London Branch (“UBS London”). The proposed transfer is intended to bring our two businesses together from an operational, governance, and administrative perspective, and will enable us to better serve clients’ needs going forward.

A Part VII Scheme is a transfer mechanism for the transfer of banking business from one bank to another under Part VII of the Financial Services & Markets Act 2000.

It allows for the transfer of a large number of separate legal relationships with customers and others to be made under the scheme rather than requiring individual customer consent. The scheme is subject to regulatory and court scrutiny intended to make sure that any potential adverse effects of the scheme are identified, and those persons adversely affected are given the opportunity to make representations.

Below are links to copies of the CSUK Part VII Scheme documentation which can be viewed or downloaded. We recommend that you read the documents to decide if you need to take any action in relation to the proposed transfer.

If you would like any of these documents to be sent to your home address by standard mail, please contact the CSUK Client Communications Hub via any of the communication channels below.

The documents are available free of charge in braille, large print and audiotape by contacting the CSUK Client Communications Hub by any of the communication channels below.

The High Court will only approve the Part VII Scheme if, in all the circumstances, it considers it appropriate to do so. You should consider the proposed transfer from your perspective. Any person who claims they would be adversely affected by the carrying out of the Part VII Scheme is entitled to raise an objection, and the High Court will take objections into account when making its decision.

If you have any enquiries or you would like formally to object to the Part VII Scheme, you can contact the CSUK Client Communications Hub until the Sanction Hearing on 9 April 2025 via any of the communication channels below and we will try to resolve your query as soon as possible. We will present the High Court with a written version of any objections or concerns we receive during this period, and the PRA and FCA with a written summary of any such objections or concerns.

If you feel you would be adversely affected by the Part VII Scheme, you have the right to attend the Sanction Hearing on 9 April 2025 to present any objections or concerns you may have. You may also instruct a barrister or solicitor advocate to appear at the High Court hearing and make representations on your behalf. If you, or a representative, are going to attend, it would be helpful if you could provide us with notice of your intention to attend and the grounds of your objection or concern at least five business days before the Sanction Hearing on 9 April 2025, by contacting us on the dedicated telephone numbers or addresses set out below. This will give us an opportunity to consider and potentially address your objections or concerns. However, you will still be entitled to attend the Sanction Hearing if you have not notified us in advance.

What if you have not received notifications about the Part VII Scheme?

If we have lost touch with, or do not have up-to-date contact details for, CSUK clients, we may have categorised such clients as ‘dormant and gone-away’. Please contact your Relationship Manager or the CSUK Support Team below if you are a CSUK client and suspect that you have been categorised as a ‘dormant and gone-away’ client because you have not received any notifications about the Part VII Scheme.