UBS CEO CEO Ralph Hamers.
UBS CEO Ralph Hamers.
  • UBS acquired Credit Suisse in a rescue takeover over the weekend.
  • But Credit Suisse didn't want to be rescued, and UBS didn't want to have to be the rescuer.
  • Execs at the rival Swiss banks couldn't help but take sly digs at each other.

It's official: UBS is acquiring Credit Suisse in a historic rescue takeover

The deal was brokered by the Swiss national bank and sealed over the course of a dramatic weekend. Two fierce domestic rivals will become one. UBS will now decide which Credit Suisse businesses it wants to keep at the bank, and which of its rival's execs could play an important role in the new UBS.