UBS Group's acquisition of Credit Suisse Group will add about $6 billion to UBS' U.S. retirement plan assets, according to data compiled by Pensions & Investments.
With respect to the Swiss retirement plans, UBS will assume retirement assets that totaled about $21.2 billion as of Dec. 31, 2021, according to Willis Towers Watson data.
According to the latest Form 5500s filed with the SEC, as of Dec. 31, 2021, Credit Suisse had a defined benefit plan with $1 billion in assets and a defined contribution plan with $6.3 billion. P&I estimated those assets fell to about $6 billion total as of Sept. 30. Also as Dec. 31, 2021, UBS had a $8.9 billion 401(k) plan and two pension plans with assets of about $881 million and $449 million.
Credit Suisse and UBS agreed to merge after the Swiss Federal Department of Finance, the Swiss National Bank and Swiss Financial Market Supervisory Authority requested the buyout as a means of restoring confidence in the Swiss banking system, according to a news release Sunday.
Under the terms of the transaction, which is not subject to shareholder approval, Credit Suisse stockholders will receive one UBS share for every 22.48 Credit Suisse shares held, in a deal valued at about 3 billion Swiss francs ($3.3 billion).
The takeover of the 166-year-old Swiss lender followed the failures of Silicon Valley Bank and Signature Bank in the U.S. this month.
