UBS completes Credit Suisse takeover to become wealth management behemoth

ZURICH: UBS on Monday said it had completed its emergency takeover of embattled local rival Credit Suisse, creating a giant Swiss bank with a balance sheet of $1.6 trillion and greater muscle in wealth management.

Announcing the biggest banking deal since the 2008 global financial crisis UBS Chief Executive Sergio Ermotti and Chairman Colm Kelleher said it would create challenges but also "many opportunities" for clients, employees, shareholders, and Switzerland.