UBS takes over Credit Suisse: Everything you need to know about the crisis

Credit Suisse crisis: Swiss government said it would provide $9 bn to help UBS meet the possible losses while taking over Credit Suisse, and Swiss National Bank will provide $100 bn of liquidity

UBS Group AG on Sunday agreed to take over its ailing rival Credit Suisse AG for $3.25 billion. The deal was reportedly brokered by Swiss regulators to halt the decline in customer confidence in the global banking system. According to a report by the Wall Street Journal (WSJ), the deal would create a banking behemoth which will account for 30 per cent of Switzerland's domestic loans and deposits.

This is the biggest bank to fall since the 2008 financial crisis. It closely follows the fall of three banks in the US that pushed the US government to take prompt decisions