21 May 2024

Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a government-backed deal.

Sunday’s announcement came after a weekend of emergency talks in Switzerland between the two banks and the country’s financial regulators.

The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy.

Credit Suisse said it was not expecting “any disruption to client services”.

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