Swiss bank UBS has officially completed its takeover of Rival Credit Suisse, following an agreement in March. The banks' collective expertise, scale and wealth management leadership will be brought together to create a stronger firm, according to an open letter from UBS' board chair and newly-returned CEO. The deal is worth $3.2bn and will give the enlarged UBS a balance sheet of $1.6tn and a workforce of 120,000. Regulators have agreed to cover losses of up to $10bn after UBS incurs the first $5bn as part of the transaction.

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