UBS completes Credit Suisse takeover to become wealth management behemoth
(VOVWORLD) - UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of 1.6 trillion USD and greater muscle in wealth management.
Announcing the biggest banking deal since the 2008 global financial crisis, UBS said this would create challenges but also "many opportunities" for clients, employees, shareholders, and Switzerland.
The group will oversee 5 trillion USD of assets giving UBS a leading position in key markets it would otherwise have needed years to grow in size and reach.
The merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and losses.