Group will oversee $5 trillion in assets
UBS Bank announced today that it has completed the acquisition of rival Credit Suisse creating a giant Swiss bank with a $1.6 trillion balance sheet and greater strength in wealth management.
Commenting on the biggest banking deal since the 2008 global financial crisis, UBS chief executive Sergio Hermotti and chairman of Colm Kelleher said “this is the beginning of a new chapter”, in an open letter published by Swiss newspapers.
The group will oversee $5 trillion in assets giving UBS, the world's largest manager wealth, leadership in important markets that would otherwise take years of development to reach. The merger also ends the 167-year history of Credit Suisse, which has been marred in recent years by scandals and losses.
The two banks together employ 120,000 people worldwide, although UBS has already said how it will cut jobs to benefit from synergies and reduce costs.
With information from APE-MPE, Reuters and AFP
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