UBS seals Credit Suisse takeover deal in bid to stabilise markets
Switzerland’s biggest bank UBS sealed a deal to buy rival bank Credit Suisse in an effort to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday.Switzerland’s central bank will supply substantial liquidity to the merged bank, it said at a news conference in the Swiss capital, Bern. It said the deal marked a solution to secure financial stability and protect the Swiss economy in an exceptional situation.
Frances Coppola is a banking commentator and economist. She joins us from Kent, UK to discuss the latest updates.
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