Finance
UBS Completes Credit Suisse Takeover to Create Bank Titan
- Swiss bank announces closing of deal in notice in newspapers
- Deal ends near 170-year independent existence of Credit Suisse
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UBS Group AG completed the acquisition of Credit Suisse Group AG, sealing the biggest merger in banking since the 2008 financial crisis and creating a global wealth-management titan.
The closing of the deal, announced in an open letter published Monday, ends Credit Suisse’s independent existence after 167 years and allows UBS to move forward with the complex integration of the former rival, a process that’s likely to involve thousands of job cuts.