Credit Suisse stock no longer exists. When UBS’s emergency takeover closed on June 12, 2023, every Credit Suisse share was automatically converted into UBS Group AG stock at a ratio of one UBS share for every 22.48 Credit Suisse shares, a price of roughly CHF 0.76 per Credit Suisse share. The shares were delisted from the SIX Swiss Exchange and the New York Stock Exchange the same day. If you owned Credit Suisse, you now own UBS, whether you wanted the trade or not. Lawsuits arguing the price was far too low remain active in Swiss courts as of early 2026, so the final chapter isn’t written.
What Former Shareholders Received
The conversion was automatic and had no opt-out. For every 22.48 Credit Suisse shares you held on the merger date, one UBS share landed in your account. UBS trades on both the SIX Swiss Exchange and the NYSE under the ticker UBS.1UBS. UBS Completes Credit Suisse Acquisition
If your Credit Suisse position didn’t divide evenly by 22.48, your broker sold the leftover fractional UBS share on the open market and deposited the cash into your account. Holders of Credit Suisse American Depositary Shares on the NYSE received UBS American Depositary Receipts under the same economic terms.
To confirm what came through, pull your brokerage statements from June 2023. You should see the Credit Suisse position removed, UBS shares added, and a small cash credit if you had a fractional-share remainder. The total consideration for all Credit Suisse equity across the deal came to CHF 3 billion.2UBS. UBS Media Release – Credit Suisse and UBS to Merge
Why the Price Was So Low
Credit Suisse closed at CHF 1.86 the Friday before the deal was announced. The CHF 0.76 acquisition price was a steep discount even to that already-depressed number, and Credit Suisse had traded far higher in prior years. The collapse was the endpoint of years of compounding damage.
In 2021, the failure of Greensill Capital forced Credit Suisse to wind down $10 billion in supply chain finance funds. FINMA later found the bank had “seriously breached” its risk management obligations.3Swiss Financial Market Supervisory Authority FINMA. Credit Suisse Seriously Breached Rules in Greensill Case Weeks later, the implosion of hedge fund Archegos Capital Management cost Credit Suisse more than $5 billion, the biggest loss of any bank exposed to the fund. FINMA’s review found risk staff had flagged that limits were being exceeded repeatedly, and the bank raised the limits rather than demand collateral.4Swiss Financial Market Supervisory Authority FINMA. Archegos: FINMA Concludes Proceedings Against Credit Suisse
Older legal exposure kept piling on. The bank paid nearly $475 million in 2021 to U.S. and U.K. authorities over the Mozambique loan corruption case.5U.S. Securities and Exchange Commission. Credit Suisse to Pay Nearly $475 Million to U.S. and U.K. Authorities In 2022, a Swiss criminal court convicted it of failing to prevent money laundering tied to a Bulgarian cocaine trafficking ring.
The financials followed. Credit Suisse reported a CHF 7.3 billion net loss for 2022, its worst annual result since 2008, with net client outflows above CHF 110 billion in the fourth quarter alone.6U.S. Securities and Exchange Commission. Credit Suisse Earnings Release 4Q22 A roughly CHF 4 billion capital raise late that year did not stop the outflows. In March 2023, the annual report disclosed “material weaknesses” in the bank’s internal controls over financial reporting for 2021 and 2022. A run on liquidity followed, and by the weekend of March 18–19 Swiss authorities forced the merger.
The Swiss Federal Council, the Swiss National Bank, and FINMA structured the deal so it could close without a shareholder vote from either side, using an emergency ordinance to bypass the vote that Swiss corporate law would normally require. The government also provided a guarantee covering up to CHF 9 billion in potential losses from certain Credit Suisse assets, with UBS bearing the first CHF 5 billion. UBS terminated that loss protection in August 2023.7Federal Department of Finance. UBS Takeover of Credit Suisse
Tax Treatment for U.S. Shareholders
The U.S. tax picture is unusually unsettled. In a typical cross-border stock-for-stock merger, shareholders can defer any gain if the transaction qualifies as a tax-free reorganization under Section 368 of the Internal Revenue Code. Here, neither UBS nor Credit Suisse sought an IRS ruling or an opinion of counsel confirming that treatment. The SEC registration statement filed for the deal warned that “due to significant factual uncertainties, no representation is made as to the U.S. federal income tax treatment of the transaction.”8U.S. Securities and Exchange Commission. UBS Group AG Registration Statement F-4
If the merger does not qualify as a reorganization, the conversion was a taxable event, and you would owe capital gain or loss based on the difference between your cost basis in Credit Suisse and the fair market value of the UBS shares you received. Any cash you got for a fractional share is taxable in either scenario. Given the ambiguity, a tax professional who can review your specific position is worth the fee, especially if your holdings were sizeable.
Are Shareholders Getting Any More Money?
Maybe, eventually. Article 105 of the Swiss Merger Act lets shareholders in a completed merger ask a court to review the exchange ratio and award additional cash compensation if the ratio was inadequate. Multiple groups, including the Swiss Investor Protection Association (SASV) and the legal startup LegalPass, have filed claims in the Zurich Commercial Court on behalf of former Credit Suisse shareholders. A favorable ruling would apply to all eligible shareholders who held stock on the merger decision date of March 19, 2023, not just those who signed up with a particular claimant group.
The case moved forward in early 2026. On February 5, 2026, the Zurich Commercial Court granted plaintiffs full access to unredacted UBS documents (viewable only at the courthouse, no copies) and appointed Prof. Dr. Peter Leibfried and Roger Neininger as independent experts to value Credit Suisse as a going concern as of March 19, 2023.9EQS News. Full Access to Files Granted to Plaintiffs and Experts Commissioned to Prepare an Independent Report UBS was given 30 days to appeal the document ruling to the Federal Supreme Court, or 40 days to withdraw the contested documents (with the warning that withdrawal would count against UBS on the evidence).
The expert appointment is a meaningful procedural step, but this is still an early phase. A final ruling on whether former shareholders receive additional compensation could take years, and U.S.-based investors who held Credit Suisse shares or ADRs generally need to participate through the Swiss proceedings to be eligible.
A Note on the AT1 Bond Litigation
You may see news about a separate case involving Credit Suisse Additional Tier 1 (AT1) bondholders, whose CHF 16.5 billion in debt FINMA wrote down to zero as part of the rescue. That fight is legally distinct from the shareholder claims. On October 1, 2025, the Swiss Federal Administrative Court ruled the write-off unlawful, and FINMA has appealed to the Federal Supreme Court.10Swiss Federal Administrative Court. Unlawful Write-Off of AT1 Capital Instruments11Swiss Financial Market Supervisory Authority FINMA. FINMA to Appeal Partial Decision of the Federal Administrative Court Concerning AT1 A recovery there would not flow to equity holders. If you owned only common shares or ADRs, the shareholder actions in the Zurich Commercial Court are the relevant proceeding for you.