UBS Group AG announced Monday it "completed" the acquisition of Credit Suisse Group AG, about three months after Swiss banking regulators arranged an emergency deal to combine the country's two largest banks to prevent Switzerland's financial sector from a catastrophic meltdown that would've spread worldwide. 

"UBS has completed the acquisition of Credit Suisse today, crossing an important milestone.

"Credit Suisse Group AG has been merged into UBS Group AG and the combined entity will operate as a consolidated banking group," a statement from UBS read. 

Today is 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 previously announced the following governance model pending further integration of the two banks: 

• UBS Group AG will manage two separate parent banks – UBS AG and Credit Suisse AG. Each institution will continue to have its own subsidiaries and branches, serve its clients and deal with counterparties.

 • The Board of Directors and Group Executive Board of UBS Group AG will hold overall responsibility for the consolidated group.

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

Switzerland's financial regulator FINMA said, "The legal consummation of the merger between UBS Group and Credit Suisse Group marks the end of a phase of great uncertainty." The regulator added, "This creates clarity and stability." 

UBS CEO Sergio Ermotti, recently brought back to supervise the historic acquisition of Credit Suisse, 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.

"Today, we welcome our new colleagues from Credit Suisse to UBS. Instead of competing, we'll now unite as we embark on the next chapter of our joint journey," Ermotti said. 

UBS said full integration of Credit Suisse could take three to five years.