UBS completes takeover of Credit Suisse, creating mega-bank with $5tn in assets

UBS has completed its takeover of Credit Suisse, creating a mega-bank with $5tn in assets under management. The acquisition followed a government-backed rescue of Credit Suisse begun in March, which staved off a bigger banking crisis. As part of the deal, UBS bought its defunct rival for a knock-down price of $3.25bn and assumed $5bn of its debt. Integration is now expected to be protracted and thousands of jobs are still at risk. Meanwhile, lucrative sponsorship deals between Credit Suisse and several museums at home and abroad are facing a shake-up in the coming months.