The complex takeover was completed in three months.
The merged group now has a balance sheet of $1.6 trillion and assets of $5 trillion.
UBS (SWX: UBSG) today (Monday) confirmed the compilation of its takeover of Credit Suisse, creating a mammoth Swiss bank with a balance sheet of $1.6 trillion and a workforce of 120,000.
"This is the start of a new chapter – for UBS, Switzerland as a financial centre and the global financial industry," The CEO of UBS, Sergio Ermotti and the Chairman, Colm Kelleher stated in an open letter published in Swiss newspapers. "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."
In addition, the letter mentioned that there will be "challenges" along with "great opportunity" as UBS will "never compromise on [its] strong culture, conservative risk approach or quality service." This generally takes aim at the scandal-ridden past of Credit Suisse.
A Financial Times report confirmed that UBS is going to impose tight restrictions on Credit Suisse bankers. The two dozen 'red lines' for Credit Suisse bankers include a ban on onboarding new clients from high-risk countries and complex financial products.
