The London-based group said on Tuesday it has reached an agreement whereby UBS will adopt LSEG’s “full suite of data and analytics solutions across asset classes, business franchises and the trade lifecycle of the bank”.

Sergio Ermotti, group chief executive officer at UBS, said: “As we continue to execute on our integration strategy, the longstanding trusted partnership with LSEG will be important in unlocking synergies, supporting scalable and long-term revenue growth across the Group.”

The agreement comes at an important time for UBS as the Swiss group continues to integrate the businesses of Credit Suisse, its former Swiss banking rival, after the two firms merged in July last year.

UBS said a year ago that, while the official merger was complete, former Credit Suisse clients “will for an interim period interact with UBS using existing Credit Suisse platforms and tools”.

LSEG and UBS said on Tuesday the “multi-year partnership” will support the Swiss group’s “integration programme and objectives” by delivering “cost synergies and operational efficiencies”.

David Schwimmer, group chief executive officer at LSEG, said: “Our focus is on delivering high-quality, multi-asset class solutions that support our partners’ and customers’ evolving needs. We look forward to working closely with UBS to enable mutual, sustainable growth for both organisations, and the wider market.”

Schwimmer, who oversaw LSEG’s $27bn (£20bn) acquisition of data giant Refinitiv in 2021, has been pushing hard the group’s data, analytics and hosted services in recent years.

LSEG in December 2023 announced a ten-year partnership with Microsoft and detailed a plan to migrate its data services to Microsoft’s Azure cloud service with a revenue share related to new tools and services.