Markets were in chaos this morning after an emergency £2.5bn takeover of Credit Suisse
UBS agreed on Sunday to buy its rival for $3.25bn While Swiss officials said the takeover was a commercial deal - not a bailout - regulators and central bankers were clearly worried enough about a global crisis to facilitate the deal and offer $100bn in backup funds.
Despite efforts to restore stability and confidence, stock markets in Europe and Asia fell sharply as the opened on Monday morning.Picture: Alamy Despite this morning's turmoil, UK markets have already bounced back, with The FTSE 100 and some share indexes in Europe are in positive territory.'An insult to customers': Tesco slashes Clubcard reward vouchers again amid cost of living crisis
UBS Group chairman Colm Kelleher earlier spoke of "enormous opportunities" through the takeover. He said the bank's long-term aim is to downsize Credit Suisse's investment banking business and align it with UBS' "conservative risk culture".Woman who thinks she is Madeleine McCann given '90% verdict' by facial recognition software
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Credit Suisse bank: UBS said to be in takeover talks with troubled rivalEmergency talks are reported in Zurich as regulators seek a deal for Credit Suisse before Monday.
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UBS and regulators rush to seal Credit Suisse takeover deal\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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UBS offers to buy Credit Suisse for up to $1bn\n\t\t\tKeep abreast of significant corporate, financial and political developments around the world.\n\t\t\tStay informed and spot emerging risks and opportunities with independent global reporting, expert\n\t\t\tcommentary and analysis you can trust.\n\t\t
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UK regulators back merger of banking giants Credit Suisse and UBSThe Bank of England has told its Swiss counterpart and the country's two biggest banks that it will not object to an emergency merger, Sky News understands.
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Swiss government to hold news conference on Credit Suisse after UBS takeover offer - reportsThe possible emergency rescue comes after the authorities raced over the weekend to secure the rescue of the 167-year-old bank, in a move hoped to contain the industry's biggest crisis since 2008 and avoid global market turmoil.
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Swiss banking giant UBS 'in talks to takeover troubled rival Credit Suisse'Swiss banking giant UBS is reportedly in advanced talks to buy all or part of crisis-hit lender Credit Suisse.
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