UBS Group AG has finalized its acquisition of Credit Suisse Group AG, about three months after Swiss banking regulators organized an emergency arrangement to merge the country’s two largest banks to prevent a deeper fallout in the financial sector.   

Monday was the final trading day for Credit Suisse shares on the SIX Swiss Exchange and Credit Suisse Group AG ADS on the New York Stock Exchange. Credit Suisse shareholders will receive one share in UBS for every 22.48 in stock. 

UBS agreed to purchase Credit Suisse in March for $3.25 billion in a rescue deal after a steep decline in the US regional banking sector.  

UBS CEO Sergio Ermotti, recently brought back to supervise the historic acquisition, said, “It’s the start of a new chapter — for UBS and the global financial industry.”  

The merger of the two global banks has created a behemoth in Switzerland, with $1.7 trillion in total assets and a nearly 40% market share of the country’s loans and deposits.  

With the merger completed, UBS has already said job cuts are coming as restructuring efforts will save it billions of dollars. The two banks employ 37,000 people, about 18% of the financial sector’s workforce. 

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