Announcing the biggest banking deal since the 2008 global financial crisis, UBS said this would create challenges but also "many opportunities" for clients, employees, shareholders, and Switzerland.

The group will oversee 5 trillion USD of assets giving UBS a leading position in key markets it would otherwise have needed years to grow in size and reach.

The merger also brings to an end Credit Suisse's 167-year history, marred in recent years by scandals and losses.