© Reuters. UBS Group and Credit Suisse logos are seen in this illustration taken March 18, 2023. REUTERS/Dado Ruvic/Illustration
BERN (Reuters) – UBS will take over Credit Suisse, Swiss authorities said on Sunday, to help rescue the embattled lender.
The deal includes 100 billion Swiss francs in liquidity assistance for UBS and Credit Suisse.
“With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss central bank and other authorities said.
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