Investment Banking

UBS and Credit Suisse seal landmark takeover

Shotgun marriage completes in rapid time as executives look to overcome major integration challenges

Closure of rescue deal marks a new era for Swiss banking
Closure of rescue deal marks a new era for Swiss banking Photo: Eduardo Munoz Alvarez/Getty Images

UBS's takeover of Credit Suisse has officially closed, sealing the biggest banking deal since the financial crisis.

"This is the start of a new chapter — for UBS, Switzerland as a financial centre and the global financial industry," an open letter from UBS chief executive Sergio Ermotti and chairman Colm Kelleher published by Swiss newspapers on 12 June said.

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