UBS completes takeover of Credit Suisse in deal meant to stem global financial turmoil

By GEIR MOULSON and COURTNEY BONNELL
Associated Press

BERLIN (AP) — UBS says it has completed its takeover of embattled rival Credit Suisse. The announcement comes nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial center and choke off market turmoil. A statement from the bank on Monday said that “UBS has completed the acquisition of Credit Suisse today, crossing an important milestone.” UBS had said last week that it expected to complete the acquisition worth 3 billion Swiss francs ($3.3 billion) as early as Monday.