UBS Group has chosen Credit Suisse’s India head to lead the combined operations of the two banks in India.

Mihir Doshi, managing director and country chief executive of Credit Suisse in India since 2006, will lead the merged entity in India.

UBS on Monday said it has completed its takeover of embattled rival Credit Suisse.

Doshi’s appointment will signal continuity and assuage concerns among Credit Suisse employees regarding uncertainty in the Indian operations. UBS will retain Credit Suisse’s global banking and markets businesses in the country, Bloomberg reported on Monday.

All Credit Suisse executives in India have been retained in the new structure.

UBS on Monday completed the takeover of Credit Suisse, nearly three months after the Swiss government hastily arranged a rescue deal to combine the country’s two largest banks in a bid to safeguard Switzerland’s reputation as a global financial centre and choke off market turmoil.

A statement said that “UBS has completed the acquisition of Credit Suisse today, crossing an important milestone.”

UBS had said last week that it expected to complete the acquisition worth $3 billion Swiss francs as early as Monday. It’s a pivotal moment for the two Zurich-based rivals, whose combination has raised concerns about thousands of expected job losses, drawn rebukes and lawsuits over the terms of the deal, and stirred fears about the impact of creating a Swiss megabank that would be too big to fail.

UBS chief executive Sergio Ermotti said on Monday that around 10 per cent of Credit Suisse employees had left before the bank sealed its takeover of its former rival.

Reuters and other media reported last month that hundreds of Credit Suisse employees were resigning each week, amid heightened uncertainty about their future and increased recruitment efforts from competitors.

“It’s true that 10 per cent of the workforce have already left in the last few months before the takeover,” Ermotti told Swiss broadcaster SRF.

The two banks jointly employ 120,000 people worldwide. UBS has, however, already said it will be cutting jobs to reduce costs and take advantage of synergies.

With inputs from Reuters