Challenges await as UBS makes Credit Suisse merger official

ZURICH ― Banking giant UBS on Monday officially merged its Swiss branches with those of Credit Suisse, but huge challenges remain as it begins the massive task of absorbing the clientele of its fallen domestic rival.

In March last year, UBS was strong-armed by the government into taking over Credit Suisse, then Switzerland's second-biggest bank, over fears it would go under following a series of scandals.