At the time of the merger, Union Bank of Switzerland and Swiss Bank Corporation were the second and third largest banks in Switzerland, respectively.[106] Discussions between the two banks had begun several months earlier, less than a year after rebuffing Credit Suisse's merger overtures.[107] The merger resulted in the creation of UBS AG, a new bank with total assets of more than US$590 billion, the largest of its kind.[108] During the merger, UBS chairman Marcel Ospel originally wanted to call the company "United Bank of Switzerland", but settled on simply using "UBS" following the acquisition of American brokerage firm, Paine Webber.[109]