Swiss bank UBS Group is closing in on a deal to take over its rival Credit Suisse amid a weekend of frenzied negotiations, according to multiple reports.
Switzerland is preparing to use emergency measures to fast-track the deal, the FT said.
The 167-year-old Credit Suisse got more than $50 billion from the Swiss National Bank this week as worries mounted about its solvency, following the shock to the banking system generated by the collapse of the California-basedIt will be the first combination of two global systemically important banks since the financial crisis of 2008-2009.
Exactly how the sale will be worked out is still up in the air. It’s possible UBS could take over all of Credit Suisse, but reports said the fate of its huge retail bank is one question — and its troubled investment bank is another.
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