The forthcoming withdrawal of Credit Suisse Group AG from the Swiss Market Index symbolizes the declining importance of financial companies to the country’s stock market.

Whereas 20 years ago financial companies accounted for about 30% of the SMI index, today that share has fallen to 16%. It will fall further – albeit slightly – when Credit Suisse is removed from the index this week following its takeover by UBS Group AG, which will remain the only bank in the benchmark.

The weight of banks in the index has been declining since the 2008 financial crisis. Instead, the index has tilted more toward industrial, materials and information technology stocks.

This shift will continue when Credit Suisse is replaced by Kuehne + Nagel International AG, the SIX stock exchange announced on June 5.

For Credit Suisse, whose takeover was completed today, this is the end of an era. The bank’s shares have been part of the Swiss market index since its formation in 1988, when it traded as Schweizerische Kreditanstalt, but in recent years its weighting has fallen with the share price. Its weighting is now less than 0.3%, while UBS’s weighting in the benchmark is about 5%.

The lender’s shares will be delisted from the SIX Swiss Stock Exchange on June 14 and the New York Stock Exchange on June 12.