Credit Suisse stock no longer exists as an independent security. On June 12, 2023, UBS completed an emergency acquisition brokered by the Swiss government, and every Credit Suisse share was automatically converted into UBS Group AG stock at a ratio of 1 UBS share for every 22.48 Credit Suisse shares. That ratio valued Credit Suisse at roughly CHF 0.76 per share. Credit Suisse was delisted from the SIX Swiss Exchange and the New York Stock Exchange the same day, and former shareholders now hold UBS shares under the ticker UBS. Lawsuits challenging the acquisition price are active in Swiss courts as of early 2026.1UBS. UBS Completes Credit Suisse Acquisition
What Former Credit Suisse Shareholders Now Hold
If you held Credit Suisse stock on the merger date, your position was replaced with UBS shares automatically. There was no opt-out and no vote. For every 22.48 Credit Suisse shares, you received 1 UBS share.2UBS. UBS Media Release – Credit Suisse and UBS to Merge
Because that ratio rarely divides evenly, most shareholders ended up with a fractional entitlement. Brokers sold those fractional UBS shares on the open market and deposited the cash proceeds. If you held Credit Suisse American Depositary Shares on the NYSE, they were converted into UBS American Depositary Receipts on the same economic terms.
To confirm what you received, pull your brokerage statements from June 2023. The Credit Suisse position should show as removed, UBS shares added, and a small cash deposit if fractional shares were sold off.
Why the Conversion Price Was So Low
The CHF 0.76 per share exchange price was steep discount to the CHF 1.86 that Credit Suisse closed at the Friday before the deal was announced. The bank had been bleeding client assets and taking heavy losses for years. Credit Suisse reported a net loss of CHF 7.3 billion for 2022, its worst annual result since 2008, with net client outflows of over CHF 110 billion in the fourth quarter alone.3U.S. Securities and Exchange Commission. Credit Suisse Earnings Release 4Q22
The final trigger came in mid-March 2023, after Credit Suisse disclosed “material weaknesses” in its internal controls over financial reporting for 2021 and 2022. A run on the bank’s liquidity accelerated, and Swiss authorities intervened over the weekend of March 18–19 to force a sale to UBS before markets reopened.
How the Deal Was Structured
The Swiss Federal Council, the Swiss National Bank, and FINMA brokered the transaction on Sunday, March 19, 2023. Total consideration for all Credit Suisse equity came to CHF 3 billion, a small fraction of the bank’s market value only days earlier.
The Swiss government passed an emergency ordinance that let the merger close without a shareholder vote from either company. Under normal Swiss corporate law, a deal of this size would need approval from both sets of shareholders. That requirement was bypassed to close quickly and prevent a disorderly collapse.4Federal Department of Finance. UBS Takeover of Credit Suisse
Tax Implications for U.S. Shareholders
The tax treatment of the conversion is less settled than a typical cross-border merger. In a straightforward Section 368 reorganization, U.S. shareholders would defer any gain until they eventually sold the UBS shares. In this case, neither UBS nor Credit Suisse sought an IRS ruling or obtained a tax opinion confirming the deal qualified. The SEC registration statement filed for the transaction explicitly warned that “due to significant factual uncertainties, no representation is made as to the U.S. federal income tax treatment of the transaction.”5U.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. You would owe capital gains or losses based on the difference between your cost basis in Credit Suisse and the fair market value of the UBS shares you received. Any cash paid for fractional shares is taxable regardless of how the broader deal is characterized. Given the ambiguity, a tax professional who can look at your specific position is worth the cost, especially for larger holdings.
Lawsuits Challenging the Acquisition Price
Former Credit Suisse shareholders have filed claims in the Zurich Commercial Court arguing that CHF 0.76 per share was well below the bank’s true value. The legal basis is Article 105 of the Swiss Merger Act, which lets shareholders in a completed merger ask a court to review the exchange ratio and award additional cash compensation if the ratio was inadequate.
The Swiss Investor Protection Association (SASV) and the legal startup LegalPass have each organized collective actions. A favorable ruling would apply to all eligible shareholders who held stock on the merger decision date of March 19, 2023, whether or not they actively joined the litigation.
Where the Case Stands
On February 5, 2026, the Zurich Commercial Court issued two rulings that moved the case forward. The court rejected UBS’s attempt to restrict document access and ordered that plaintiffs be given full access to unredacted versions of materials UBS had tried to redact. Access comes with strict conditions: documents can only be reviewed physically at the courthouse, no copies or photographs are permitted, and the information is confidential.6EQS News. Full Access to Files Granted to Plaintiffs and Experts Commissioned to Prepare an Independent Report
The court also appointed independent experts, Prof. Dr. Peter Leibfried and Roger Neininger, to determine Credit Suisse’s value as a going concern as of March 19, 2023. UBS had 30 days to appeal the document access ruling to the Federal Supreme Court, or 40 days to withdraw the contested documents. The court warned that withdrawing documents would count against UBS when evidence is weighed.
The valuation mandate is a meaningful procedural step, but the case is still early. A final decision on whether former shareholders are owed additional compensation could take years. U.S.-based investors who held Credit Suisse shares or ADRs generally need to participate through the Swiss proceedings to have any claim to additional compensation.
A Note on the AT1 Bondholder Case
If you’re reading about Credit Suisse and running into headlines about a court ruling that the write-down was “unlawful,” those cover a separate proceeding. FINMA ordered the complete write-down of roughly CHF 16.5 billion in Credit Suisse’s Additional Tier 1 (AT1) bonds as part of the rescue, and bondholders challenged that order directly. On October 1, 2025, the Swiss Federal Administrative Court ruled the write-off was unlawful.7Swiss Federal Administrative Court. Unlawful Write-Off of AT1 Capital Instruments FINMA has appealed to the Federal Supreme Court, and the bondholders have not recovered anything yet.8Swiss Financial Market Supervisory Authority FINMA. FINMA to Appeal Partial Decision of the Federal Administrative Court Concerning AT1 That case is legally distinct from the shareholder claims and does not affect what former shareholders receive under the Zurich proceedings.