UBS takes over Credit Suisse in move to calm markets

UBS will take over its troubled Swiss rival Credit Suisse for US$3.25 (RM14.6) billion following crunch talks yesterday aimed at stopping the stricken bank from triggering a wider international banking crisis.

The deal, in which Switzerland’s biggest bank will take over the second-largest in the country, was vital to prevent irreparable economic turmoil spreading throughout the country and beyond, the Swiss government said.