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UBS says its takeover of Credit Suisse is now complete

UBS said Monday that it has finalized its takeover of Credit Suisse AG, ending a monthslong saga that saw the collapse of one of Switzerland’s biggest financial institutions.

The bank announced that completion in an open letter to Swiss, German-language daily newspaper, NZZ and other international publications, describing the deal as “the beginning of a new, historic chapter.”

UBS
UBS,
-0.30%

UBSG,
+1.15%
agreed to buy its rival for an initially announced 3 billion francs ($3.3 billion) after Credit Suisse
CS,
+0.99%
 
CSGN,
+1.21%
 was unable to stem outflows from its wealthy clients.

UBS said Friday that it has signed a loss protection agreement with the Swiss government covering up to 9 billion francs ($10 billion) of losses once the takeover of Credit Suisse is completed.

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