Swiss Banking giant UBS has agreed to buy embattled lender Credit Suisse for roughly $2 billion according to the Financial Times. This comes amid frantic talks in Bern before the markets open on Monday.
Switzerland's largest bank, UBS, has agreed to pay roughly $2 billion for Credit Suisse in a deal struck on Sunday, according to business publication The Financial Times. The paper cited unnamed sources familiar with the matter.
Government and banking officials had been locked in urgent talks to rescue the embattled lender, which was given a $54 billion (€50 billion) lifeline by the country's central bank this week.
Switzerland's government announced that a press conference would take place on Sunday evening at the Bundeshaus in Bern at 19:30 local time (18:30 GMT/UTC).
Earlier there were reports that UBS had offered to buy the bank for up to $1 billion, but Credit Suisse had reportedly pushed back against the offer.