Credit Suisse’s Singapore private bankers moving to UBS offices

CREDIT Suisse private bankers in Singapore will move to UBS Group’s flagship offices near a prime shopping district in the city-state, as the merger of the two banks begins in earnest, according to people familiar with the matter.

Some of the employees are set to start the relocation as soon as next month, one of the people said, asking not to be identified in discussing private information. UBS relationship managers were informed about the switch last week, another person said.

A spokesperson for UBS declined to comment.

The move is one of the first concrete signs of the mega-merger taking shape for employees in Asia. The UBS 9 Penang Road offices, near the Orchard Road shopping belt and the historic Fort Canning Park, were officially opened in 2021. The 381,000-square feet premises feature an in-house cafe, gym, medical clinic and children’s play area.

The property was jointly developed by Haiyi Holdings, SingHaiyi Group and Suntec Real Estate Investment Trust, according to its website.

It is not clear what will happen to the space vacated at One Raffles Link, where Credit Suisse leases several floors in the city-state from Hongkong Land Holdings. Goldman Sachs Group is the other major tenant. BLOOMBERG