Switzerland’s UBS on Thursday said that it had formally begun the integration of Credit Suisse which it acquired in a firesale following its domestic rival’s collapse in March.

The bank said that the boards of UBS and Credit Suisse had entered into a definitive merger agreement.

While UBS fully acquired Credit Suisse earlier this year, the announcement begins the formal process that will see the latter no longer function as an independent bank. The announcement also will allow for the first waves of client migration from Credit Suisse’s core business.

In a statement, UBS said that it had filed with the US Securities and Exchange Commission (SEC) a Form 6-K containing unaudited pro forma condensed financial information giving effect to the merger, adding that it expects the merger to complete in 2024.

The integration is not expected to be a straightforward process, with UBS chief executive officer Sergio Ermotti last month that the bank does not expect synergies from the merger until 2025 and 2026.

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