UBS announced Monday that its emergency takeover of rival Credit Suisse had been completed, setting up a $1.6 trillion behemoth in the Swiss bank with increased strength in wealth management.
UBS’s board chair Colm Kelleher and newly-appointed CEO Sergio Ermotti wrote in an open letter on Monday, “We will bring together the collective expertise, scale, and wealth management leadership of both UBS and Credit Suisse to create an even stronger combined firm.”
The letter stated that there will be “challenges,” along with “great opportunity,” as the bank promised it will “never compromise on UBS’s strong culture, conservative risk approach, or quality service.”
UBS agreed to the $3.2 billion deal in March after a negotiation, with Swiss regulators playing a key part due to concerns that massive losses at Credit Suisse might threaten the stability of the financial sector.
The combined company’s assets will total $1.6 trillion.
