Swiss President Alain Berset announced on Sunday that banking giant UBS would buy its rival Credit Suisse in an effort to avoid further market-shaking turmoil in the global banking system, with the president saying the Swiss Federal Council was confident it was the "best solution to restore confidence that has been lacking in financial markets recently."
The value of the deal was not specified by Berset, but it comes after the collapse of two large U.S. banks last week prompting a broad response from the U.S. government to prevent any further panic on bank failures.
UBS chairman Colm Kelleher also spoke at Sunday's press conference, saying that bringing UBS and Credit Suisse would "build on the best skills available in the Swiss financial centre."
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