Swiss banking took a giant leap forward today as the titan UBS completed its buyout of Credit Suisse in a historic merger. The move is expected to create a new powerhouse in the global financial market.

The transaction, which was reportedly worth over $50 billion, has been years in the making and marks a significant milestone in the consolidation of Switzerland’s banking sector.

UBS CEO, Ralph Hamers, hailed the merger and described it as a game-changer for the entire industry. He said the new entity is “uniquely positioned to provide clients with unparalleled access to financial expertise and services.”

The new bank will have a combined workforce of more than 100,000 people with a vast global reach. The merger is expected to unlock new growth opportunities in emerging markets and position the bank as a leading player in wealth management, investment banking, and other financial services.

The UBS/Credit Suisse merger comes amid growing pressure on banks to remain competitive in the age of digital disruption. The combined entity will have a strong focus on digital transformation and innovation, with a particular emphasis on enhancing the digital customer experience.

The merger is also expected to generate significant cost savings, with UBS projecting annual cost synergies of over $2 billion by 2023.

The Swiss government welcomed the merger, describing it as a positive development for the country’s economy. Switzerland’s Finance Minister, Ueli Maurer, said the deal would strengthen the country’s position as a global hub for financial services.

The UBS/Credit Suisse merger is the latest in a wave of consolidation in the banking sector, as companies seek to gain scale and better compete with tech giants and fintech startups.