Banking giant UBS to take over troubled Credit Suisse
Banking giant UBS has agreed to take over troubled bank Credit Suisse, in a deal brokered by the Switzerland government aimed at easing concerns on global financial markets.
The $3 billion takeover will cover the cost of winding down parts of the 167-year-old bank.
Switzerland President Alain Berset said on Friday confidence in Credit Suisse could not be restored.
The value of stocks in the bank have fallen by 30 per cent in recent weeks, prompting unrest on global financial markets.
Given the timing of this announcement, Australian investors and the Australian stock market will be among the first in the world to react to this news.