"The action balances, on the one hand, the advantageous financial terms in terms of liquidity and capital together with the long-term potential for franchise enhancement, and on the other hand the complexity, extent and duration of the integration," the agency said. Moody's points out that UBS faces "significant financial, cultural and franchise related" challenges as it tries to integrate Credit Suisse into its business. These include the need to retain key CSG personnel while the transaction is underway; the need to minimise the loss of overlapping clients in its Swiss banking and wealth management businesses; and the need to unify the cultures of two somewhat different organisations while ensuring that overall risk appetite and controls are both enhanced and or maintained at levels defined by UBSG, The Guardian reported. Shares in UBS opened 3 per cent higher in Zurich, as investors continue to digest its takeover of Credit Suisse (whose shares were slightly higher in early trading).