Banking

UBS completes Credit Suisse takeover to create Swiss bank titan

The announcement caps more than two months of uncertainty for employees after UBS finalised negotiations with the Swiss government over a 9 billion Swiss franc guarantee against potential losses on Credit Suisse assets

UBS agreed to take over Credit Suisse in March in an emergency sale brokered by the government, after a confidence crisis and a torrent of client outflows sent it hurtling toward bankruptcy.