UBS has started integrating Credit Suisse's operations and has successfully transferred the first client funds to its platform.

The chief technology officer of UBS, Mike Dargan, has reported positive results from testing with several hundred clients in Hong Kong and Singapore.

The integration process is considered a significant risk, as mentioned by UBS CEO Sergio Ermotti.

Over the next few quarters, approximately 1.3 million Credit Suisse clients will be migrated to UBS, involving the integration of extensive customer, financial, and legal data.

The migration will begin with clients in Luxembourg and Hong Kong, followed by Singapore, with other countries to be completed by the end of the year and into 2025.

As part of the integration strategy, UBS plans to eliminate 90% of Credit Suisse's applications, having already deactivated 560 applications and 40,000 servers.

This effort aims to enhance operational efficiency as UBS absorbs Credit Suisse's client base.