Listen to the news

UBS has struck a deal to buy rival Swiss bank Credit Suisse in an effort to avoid triggering new market turmoil in global banking, Swiss authorities announced today, BTA reported.

The Swiss central bank will provide significant liquidity to the new banking structure, it was told at a press conference in the Swiss capital, Bern.

The central treasury stated that the transaction was a decision to ensure financial stability and protect the Swiss economy in the conditions of an exceptional situation.

The value of the deal was not immediately specified.

Information from the "Financial Times" earlier set it at more than $2 billion.

The ECB's supervision is convened as an emergency because of the situation with the banks

Officials scrambled to save the 167-year-old bank, which is among the world's largest wealth managers, after a brutal week that saw the second and third largest bank failures in US history.

As one of 30 global banks considered systemically important, the Credit Suisse deal could have ripple effects across global financial markets.

The talks over the weekend are the result of efforts by Europe and the US to support the sector after the collapse of US banks.

Credit Suisse shares lost a quarter of their value last week.

The bank was forced to use $54 billion in central bank funding as it tries to recover from scandals that have eroded investor and customer confidence.

acquisition

Credit Suisse