Switzerland’s largest bank UBS has acquired troubled rival Credit Suisse in a powerful merger by Swiss authorities to avoid further disruption in the global banking sector.

The deal is worth 3 billion Swiss francs (3.02 billion euros) payable in shares, or 0.76 francs per share after Credit Suisse was worth 1.86 Swiss francs on Friday.

The merger between the two giant banks, both of the thirty banking institutions that are too big to collapse, had to be completed before the bourse opened on Monday morning to avoid a wave of panic.

Observers hope the move will be enough to spare markets on Monday a widespread panic.

The merger follows efforts in Europe and the United States to support the banking sector since the Silicon Valley and Signature collapses.

On Sunday evening, Swiss President Alain Berset stressed at a press conference attended by bank presidents Colm Kelleher of UBS and Axel Lehmann of Credit Suisse, that this solution “is not only pivotal for Switzerland (…) but for the stability of the entire global financial system.”

Swiss Finance Minister Karin Keller-Sutter declared at the press conference that the bankruptcy of Credit Suisse would have caused “irreparable economic damage.” “Switzerland must therefore assume its responsibilities beyond its borders.”

After their merger, the Swiss central bank said it would provide significant liquidity to the two banks, adding that the deal included 100 billion Swiss francs in financial aid to UBS and Credit Suisse.

“With UBS’s acquisition of Credit Suisse, we have reached a solution to achieve financial stability and protect the Swiss economy in this exceptional situation.”

UBS expects to save about $7 billion in costs annually by 2027. Credit Suisse shareholders will receive one share in UBS for every 22.48 shares they have in Credit Suisse, equivalent to 0.76 Swiss francs per share, he said.