UBS announces takeover of Credit Suisse

UBS has agreed to take over the 167-year-old Swiss bank giant Credit Suisse in a deal worth $3 billion.

The Swiss government also announced its central bank will supply up to $100 billion in liquidity.

“The takeover of Credit Suisse by UBS is the best solution for restoring the confidence that has been lacking in financial markets recently and for best managing the risk to our country and its citizen,” Swiss Confederation President Alain Berset said.