UBS Group emerged as Switzerland's only global bank with a state-backed rescue of its smaller peer Credit Suisse, a risky bet that makes the Swiss economy more dependent on a single lender.
The unprecedented move in Zurich was capped by regulators' race against time to avert a meltdown in global markets. Switzerland is pledged to back up the new group by committing 160 billion Francs to $173 billion in loans and guarantees, as well as to protect against other risks that could undermine the lender.
The transaction — the first rescue of a global bank since the financial crisis of 2008 — grants enormous clout to UBS, ridding it of its main rival. It will change the landscape of banking in Switzerland, where branches of Credit Suisse and UBS are dotted everywhere, sometimes just meters apart.
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