UBS to Discontinue Credit Suisse’s Coal Phase-out

In December, the board of directors for the UBS Group AG approved the merger of UBS and Credit Suisse. Once the merger is completed, which is expected in Q3 2024, UBS will begin to streamline and decommission legacy Credit Suisse platforms. One of those decisions reportedly involves Credit Suisse’s pledge to reduce and eventually stop lending to companies that mine and use coal. Citing anonymous sources, Bloomberg reported that Credit Suisse’s planned coal phase-out will be dropped. Both banks had sustainability goals that restricted lending to companies that generate revenue from the use of coal. UBS would not finance expansions or lend to companies that generate more than 20% of their revenue from coal extraction or use.