Swiss banking giant UBS is acquiring its ailing rival Credit Suisse, the Swiss central bank says.
UBS to take over Credit Suisse: Swiss central bank
UBS will take over Credit Suisse, Swiss authorities say, in a deal to combine Switzerland’s top two banks designed to contain a widening crisis of confidence in global finance.
The deal includes 100 billion Swiss francs ($A162 billion) in liquidity assistance for UBS and Credit Suisse.
Credit Suisse, a 167-year-old bank, has been the biggest name ensnared in market turmoil unleashed by the recent collapse of US lenders Silicon Valley Bank and Signature Bank, forcing it to tap $US54 billion ($A81 billion) in central bank funding last week.
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss central bank said.