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A sign of Credit Suisse bank is seen on a branch building in Geneva, on March 15, 2023. Fabrice Coffrini | AFP | Getty Images
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"In the second half of March 2023, Credit Suisse experienced significant withdrawals of cash deposits as well as non-renewal of maturing time deposits. Customer deposits declined by CHF 67 bn in 1Q23," the bank said. "These outflows, which were most acute in the days immediately preceding and following the announcement of the merger, stabilized to much lower levels, but had not yet reversed as of April 24, 2023." The acquisition is expected to be consummated by the end of this year, if possible, but the full absorption of Credit Suisse's business into UBS Group is expected to take around three to four years. UBS on Monday announced that its Group Chief Risk Officer Christian Bluhm will remain in post due to the planned acquisition of Credit Suisse, delaying a planned May 1 handover 1 to Damien Vogel, who will now take up the newly-created role of group risk control head of integration.
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