UBS completes merger of Credit Suisse service units in India

(Reuters) - UBS Group said on Monday it has completed the merger of Credit Suisse Service Company entities with UBS Business Solutions in India, as the Swiss lender continues integration efforts following its acquisition of Credit Suisse.

The integration, which consolidated 24,000 employees under one structure, merges Credit Suisse Services (India), Credit Suisse Business Analytics (India), and Credit Suisse Services AG, Pune into UBS Business Solutions (India), UBS said.

The merger, which began in May 2023, covered Credit Suisse's shared services operations in Mumbai and Pune.

UBS took over Credit Suisse in 2023, in the biggest bank merger since the 2008 global financial crisis, a move orchestrated by the Swiss state to avert Credit Suisse's collapse.

India represents one of the largest locations for UBS, accounting for approximately 16% of the bank's global workforce, which consists of more than 110,000 employees, the bank said.

UBS expects the integration to strengthen its global presence and set stage for further collaboration and technological advancements, it said.

(Reporting by Ashna Teresa Britto; Editing by Varun H K)