UBS had finalized its emergency takeover of fallen rival Credit Suisse, creating a giant Swiss bank with nearly $1.7 trillion in assets in the biggest banking tie-up since the 2008 global financial crisis.
In light of the unique circumstances affecting the Swiss economy as a whole, the Swiss Federal Council issued an emergency ordinance tailored to this particular transaction, which allowed the merger to be implemented without the otherwise necessary approval of the shareholders of UBS and Credit Suisse to enhance deal certainty. The combination of the two businesses is expected to generate an annual run-rate of cost reductions of more than USD 8 billion by 2027.
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