Swiss Finance Minister Karin Keller-Sutter was determined to present the deal for UBS to buy Credit Suisse as no bailout but the best possible solution to a difficult situation.
Keller-Sutter, who said she held a Credit Suisse bank account, said the worst case had been avoided.
"The bankruptcy of Credit Suisse would have had a huge collateral damage - on the Swiss financial market also internationally," she said. Swiss National Bank Chairman Thomas Jordan said it was vital that a solution had been found quickly. The central bank helped by providing 100 billion Swiss francs in liquidity assistance.
UBS Chairman Colm Kelleher, who will lead the combined entity as chairman, described the deal as a great opportunity, although there was lots of work to do.
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