Switzerland’s biggest bank, Union Bank of Switzerland (UBS) has agreed to take over its troubled Swiss rival Credit Suisse in an emergency rescue deal to unleash the panic after the two American banks failed earlier this month, CNN reported.
The Swiss National Bank, in a statement, said, “UBS today announced the takeover of Credit Suisse.” “This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority, and the Swiss National Bank,” the central bank added. It said the rescue would “secure financial stability and protect the Swiss economy.” This deal came after the Swiss National Bank and the country’s top regulator, Finma, told their international counterparts they regard a deal with UBS as the only option to stop Credit Suisse from collapsing, as per The New York Post.
