UBS Completes Takeover of Rival Credit Suisse

Swiss bank UBS on Monday said that it formally completed the takeover of its rival Credit Suisse.

“Instead of competing, we’ll now unite as we embark on the next chapter of our joint journey,” UBS Group’s newly-returned CEO Sergio Ermotti said in a statement.

In an open letter, the bank’s chiefs also said they would not compromise UBS’s “strong culture” or “conservative risk approach.” Risk management failures over a number of years played a key role in Credit Suisse’s eventual downfall.

Read the source article at cnbc.com