Switzerland’s largest bank, UBS, has announced that it has completed the acquisition process of rival Credit Suisse with state aid.

UBS Chairman Colm Kelleher and Chief Executive Officer (CEO) Sergio Ermotti published an open letter in Swiss newspapers reporting the completion of the Credit Suisse acquisition.

In the letter, “This; UBS marks the beginning of a new era for Switzerland as a financial center and for the global financial sector. “We have no doubt that the acquisition was successful.”

CHARGES TO REDUCE COSTS

The letter noted that the acquisition will present challenges, but will present opportunities for Switzerland, customers, employees and shareholders.

Meanwhile, with the completion of the acquisition, a Swiss bank has emerged with a balance sheet of $1.6 trillion.

While the total number of UBS and Credit Suisse employees reached 120,000 worldwide, UBS announced that it would make layoffs to cut costs.

UBS was aiming to complete its biggest bank purchase deal since the global financial crisis in 2008 by late May or early June.

After the banking crisis that started in the US in March, there was a panic at Credit Suisse in Europe. Events after the Saudi National Bank, the largest partner of Credit Suisse bank, announced that it would not raise its capital, dragged the bank to the brink of bankruptcy.

Switzerland’s largest bank, UBS, announced it would buy 167-year-old Credit Suisse for 3 billion francs, with government liquidity support of 200 billion francs. (AA)