UBS Group AG (NYSE:UBS) shares are trading higher on continued upward momentum after the company agreed to acquire Credit Suisse. Positive price action in the overall financial sector today is also benefitting the stock.

With the merger of UBS and Credit Suisse, the combined company will have about $5 trillion in assets under management, of which $3.4 trillion will be in the wealth management business and $1.5 trillion in asset management services. This makes UBS the second-largest Wealth Manager in the world and the third-largest Asset Manager in Europe.

The overall financial sector is seeing upward momentum after US Treasury Secretary Yellen indicated the government could take further steps to protect depositors if warranted. Also, reports suggesting JP Morgan CEO Jamie Dimon is leading discussions to come up with a new rescue plan for First Republic Bank is raising sentiment as well.

The bank's review of its Credit Suisse investment is still ongoing, per Bloomberg.

The Swiss National Bank said that both CS and UBS have unrestricted access to current SNB liquidity facilities.

UBS Price Action: UBS Group AG has a 52-week high of $22.30 and a 52-week low of $13.81.

UBS Group AG shares are up 10.1% at $20.71 at the time of writing, according to Benzinga Pro.