Swiss officials arranged a last-minute takeover of Credit Suisse by UBS using one of their famous timepieces.
In a Sunday press conference, Swiss president Alain Berset said the recent banking industry instability had destabilized Credit Suisse and
that this arrangement was crucial to stabilizing the firm and the global banking sector.
UBS Group AG will acquire Credit Suisse for almost $3 billion in equity. In addition, the Swiss central bank will provide UBS $100 billion.
Swiss Aid UBS's merger with Credit Suisse is the latest banking crisis precipitated by Silicon Valley Bank's failure.
In recent days, panicked investors and depositors took billions out of the long-troubled Credit Suisse,
raising concerns that the bank could fail without emergency steps. Credit Suisse needed more than $54 billion from the Swiss central bank to stabilize.
It's another shocking episode amid more than a week of banking sector instability,
especially concerning because Credit Suisse is a "global systemically significant bank."