Swiss regulators that engineered the marriage of UBS Group AG and Credit Suisse Group AG succeeded in stabilizing the nation’s financial system, Vontobel Holding AG Chief Executive Officer Zeno Staub said.

“It’s a very clear step toward stability,” Staub said Wednesday in a Bloomberg TV interview. 

Swiss regulators, the government and the national bank came up with a solution that steadied the country’s financial center and stemmed “potential contagion across the frontiers of Switzerland and globally,” he said.