By Sunday afternoon, USB had solidified a takeover of Credit Suisse as markets watched wearily, uncertain if this was a sign of the end of the banking crisis, or just the beginning of a new phase.

With a purchase price of over $3 billion, UBS believes the combined entity, under the leadership of UBS chair Colm Kelleher and UBS CEO Ralph Hamers, will prove accretive to EPS by 2027.

Under the plan, the Credit Suisse investment bank business will be wound down. It is expected the deal will yield a total annuitized cost savings of $8 billion by 2027, as the integration is expected to take 3-4 years,

UBS will suspend its stock buyback plans and both banks will be given unrestricted access to the Swiss National Bank’s existing facilities.

UBS chair Colm Kelleher said, in a statement viewed as throwing shade at the Credit Suisse board members and executive team, “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue.”

Kelleher added, on an analyst call that included UBS CEO Hamers, “It’s a historic day, and a day we hoped would not come.” There were no Credit Suisse board members or executives on the call.

UBS executives were clear on the call that they would move “fast” to wind down the investment bank side of Credit Suisse. The company added it had taken reserves against the high profile litigation matters of Credit Suisse.

In an interview, a former high-ranking UBS executive said the deal may help to reassure the markets, however it may unsettle UBS shareholders.

He said, “You go from having the best run Swiss bank in UBS with a clear strategy, to owning the worst.”