ZURICH (Reuters) – UBS said on Monday it had completed the takeover of rival Credit Suisse, creating a Swiss banking giant with a balance sheet of $1.6 trillion and greater wealth management power.
“This is the start of a new chapter,” commented Sergio Ermotti, CEO of UBS, and Colm Kelleher, Chairman of the Board of Directors, in an open letter published in Swiss newspapers.
The group will oversee $5 trillion in assets, giving UBS, the world’s largest wealth manager, a leading position in key markets. It would have taken him years to gain such reach without the takeover, backed by the Swiss government.
The merger also marks the end of Credit Suisse, after 167 years of existence, marked in recent years by scandals and losses.
The two banks jointly employ 120,000 people worldwide, but UBS has already announced it will cut jobs to take advantage of synergies and cut costs.
(Report Noele Illien; Kate Entringer, edited by Tangi Salaün)
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