UBS agrees to buy Credit Suisse for $2 bn: report – Roya News English

UBS agrees to buy Credit Suisse for $2 bn: report – Roya News English

UBS has agreed to take over its troubled Swiss rival Credit Suisse after doubling its offer to $2 billion, the Financial Times reported amid urgent talks Sunday aimed at sparing the embattled bank from a bloodbath when the markets reopen.

The two largest banks in the wealthy Alpine nation famed for its banking prominence have been in negotiations throughout the weekend, with the government, the central bank and financial regulators all involved.

The Swiss government announced it would hold a press conference at 7:30pm (1830 GMT), after President Alain Berset, other government ministers and the central bank chief, Swiss National Bank chairman Thomas Jordan, spent the day in talks at the finance ministry in the capital Bern.