On Monday, UBS announced it had completed the emergency takeover of embattled Credit Suisse.

UBS’s takeover of Credit Suisse birthed a colossal Swiss bank with a balance sheet of over $1.6 trillion and an even greater financial influence in wealth management.

In an open letter published in Swiss newspapers, UBS Chairman Colm Keller and CEO Sergio Ermotti said that this was the start of a new chapter for UBS, Switzerland as the financial centre, and the global financial industry.

The biggest banking deal since the 2008 global financial crisis, they added, would create hurdles while simultaneously creating several opportunities for its clients, shareholders, employees, and Switzerland.

The letter added that both of them had no doubts that they would successfully handle the takeover.

The group will oversee $5 trillion in assets, awarding UBS a leading position in several key markets where it would otherwise have required years to grow in size and reach. Credit Suisse’s 167 year history was brought to an end with the takeover. The bank was also tarnished in recent years by losses and scandals.

UBS has already said that it will be cutting jobs to benefit from the synergies, despite both banks jointly employing over 120,000 people worldwide.

On March 19, 2023, UBS agreed to acquire Credit Suisse for a discounted price of 3 billion francs in stock and at most 5 billion francs in assumed losses. The Swiss authorities orchestrated this rescue of Credit Suisse to prevent the collapse of customer trust in Switzerland’s no.2  bank.