The floundering Credit Suisse bank is set to be acquired by its rival UBS, the largest bank in Switzerland, in an emergency purchase meant to stave off a wider crisis in the global banking system.
The $3.2 billion takeover of Credit Suisse by UBS was arranged quickly, with officials looking to finalize the arrangement before markets opened on Monday.
“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 National Bank said in a statement Sunday.
UBS will also be able to access a loan of up to $108 billion from the Swiss National Bank, according to the statement.
Treasury Secretary Janet Yellen and Federal Reserve Chairman Jerome Powell said in a joint statement Sunday that they “welcome” the move.
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