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UBS marks takeover milestone as Credit Suisse is no more

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Swiss banking giant UBS on Friday completed the merger of its parent company with Credit Suisse AG as its fallen rival legally ceased to exist, more than a year after the emergency takeover.

into buying Credit Suisse over fears that the second largest lender in the country might go under and spark a global financial crisis.

Under pressure from the Swiss government, UBS agreed to take over the troubled lender for $3.25 billion, a modest sum for an institution ranked among the 30 banks worldwide considered too big to fail.

 

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