UBS completes takeover of Credit Suisse to create global wealth giant

£3.8bn of invested assets

UBS has completed its £2.5bn takeover of Credit Suisse to create a titanic global wealth group with approximately £3.8bn of invested assets.

The combined entity will now operate as consolidated banking group and today (12 June) marks the last trading day of Credit Suisse shares on the SIX Swiss Exchange. The two banks jointly employ 120,000 worldwide, although UBS has already said it will be cutting jobs to reduce costs and take advantage of synergies. A series of problems in the last year caused a crisis of confidence in the bank's future with a surprise emergency rescue in the Spring. The merger brings to an end Credit Suisse's 167-year history, hits in recent years by scandals and losses. UBS to complete Credit Suiss...