Swiss bank UBS takes over ailing Credit Suisse

Banking giant UBS is buying its smaller rival Credit Suisse for 3.2 billion USD in an effort to avoid further market-shaking turmoil in global banking Swiss President Alain Berset announced Sunday night. Colm Kelleher, the UBS chairman said they intend to downsize Credit Suisse's investment banking business and align it with their conservative risk culture. 

Colm Kelleher, Chairman of UBS said "Let me be very specific on this. UBS intends to downsize Credit Suisse's investment banking business and align it with our conservative risk culture. It is intended that the combined investment banking businesses will over time account for no morethan 25 percent of the group's risk weighted assets. UBS' strength and our familiarity with Credit Suisse's business put us in a unique position to execute this integration efficiently and effectively with swiss and international clients' best interests in mind."

He said the combined group would create a wealth manager with over 5 trillion USD in total invested assets.