Switzerland's biggest bank UBS is in talks to take over its embattled rival Credit Suisse.
The negotiations come amid fears an ongoing banking crisis could destabilize the global financial system. Switzerland is preparing emergency measures to fast-track the takeover. UBS is reportedly asking the state for $6 billion to cover the cost of purchasing Credit Suisse, founded in 1856. The turmoil was unleashed by the collapse of two banks in the US.
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The negotiations come amid fears an ongoing banking crisis could destabilize the global financial system. Switzerland is preparing emergency measures to fast-track the takeover. UBS is reportedly asking the state for $6 billion to cover the cost of purchasing Credit Suisse, founded in 1856. The turmoil was unleashed by the collapse of two banks in the US.
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