On Monday, Swiss banking giant UBS announced that it had completed its acquisition of troubled Swiss lender and former rival Credit Suisse.

Describing the merger as “crossing an important milestone,” the UBS statement confirmed that Credit Suisse Group AG had been merged into UBS Group AG, and that the two banks will not operate as a single consolidated bank going forward.

With a balance sheet of $1.6 trillion, the new finance giant will have about twice the annual economic output of Switzerland (around $807 billion in 2022).

The last day on which there will be trading of Credit Suisse Group shares on the Swiss exchange will be Monday, and the New York Stock Exchange will no longer trade the bank’s American Depository Shares (ADS), according to the statement. Shareholders of Credit Suisse will be given one UBS share for every 22.48 Credit Suisse shares they hold. On Monday morning, shares of the bank were trading at, 81 centimes (about $0.9).

In March, Switzerland-based UBS agreed to purchase Credit Suisse for a $3.25 billion equivalent as part of a deal brokered by the government in an effort to avoid a loss of confidence in the financial system in the West, and forestall a global crisis following the failure of two regional, midsized banks in the US.

Credit Suisse, the second largest Swiss bank was plagued by a string of scandals, legal problems and regulatory failures which triggered a surge in customer outflows in recent months. Investors were rattled when its biggest investor, Saudi National Bank announced in March that it was declining to offer the bank any financial assistance due to regulatory and legal limits on the amount it could invest in the bank. Credit Suisse reported a loss of 7.3 billion francs (almost $8 billion) in 2022.

With the acquisition, Credit Suisse’s 17 year history comes to an end, in a denouement which deals a blow to Switzerland’s reputation as a stable global financial center.