“The combination of Switzerland’s two leading banks – representing a combined legacy of more than 300 years – is a moment of historic relevance for our industry. It brings together two global banks with complementary strengths and footprints, as well as a deep understanding of each other’s businesses and cultures. It is also an opportunity for us to accelerate our strategy of strengthening our market-leading wealth management capabilities, expanding our presence in key markets, and broadening our product offering,” UBS Monaco said on Monday, March 20.

“And, with the strong backing of the Swiss Federal Department of Finance, FINMA, the Swiss National Bank and international regulators, it reinforces the global strength of UBS.

“Most importantly, as we proceed with the planned integration of our two firms, this deal puts us in a position to achieve our biggest goal: continually improving our service to our clients.

“This deal creates a stronger organisation that we firmly believe serves your best interests and is sustainable over the long term. You will continue to benefit from the scale and capabilities of one of our industry’s premium brands. And, as always, you can have confidence that UBS always aims to be a safe and stable partner.”

Alejandro Velez, Managing Director and Country Head (Monaco) reached out directly to clients, saying: “Across our businesses, we remain firmly committed to exceptional client service and outcomes. With that guiding principle in mind, we will plan and execute our combination thoughtfully. And while I can assure you that there will be no disruption for existing UBS clients, we do anticipate that you may have questions. As always, please don’t hesitate to reach out to me directly. Even if we don’t have all the answers at this point, we will always share any relevant information that we can.”