JUST IN: Swiss banking giant UBS agrees to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic.
Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month. “UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement.
Desperate to prevent the meltdown spreading through the global financial system on Monday, Swiss authorities had pushed hard for a private sector rescue, while reportedly considering Plan B — a full or partial nationalization. The emergency takeover was agreed to after a days of frantic negotiations involving financial regulators in Switzerland, the United States and United Kingdom.
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