UBS will take over Credit Suisse, Swiss authorities said on Sunday, to help rescue the embattled lender.
“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 and other authorities said.at a press conference late Sunday.
More to come.
Swiss leaders are holding a news conference Sunday night following several media reports that banking giant UBS is believed to be in talks to acquire its smaller rival Credit Suisse in an effort to avoid further market-shaking turmoil in global banking.
The Federal Council, the seven-member
