Switzerland's UBS reaches deal to take over Credit Suisse | DW News

Switzerland's biggest bank UBS has reached a deal to take over its embattled rival Credit Suisse for more than two billion dollars. The takeover comes amid fears that an ongoing banking crisis could destabilize the global financial system. Switzerland is preparing emergency measures to fast-track the takeover and UBS will receive liquidity assistance from the state. The turmoil was unleashed by the collapse of two banks in the US.

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#Switzerland #CreditSuisse #BankFailure