Switzerland‘s two largest banks are poised to merge in a deal regulators sought to help create stability as volatility rocks financial institutions around the globe.
UBS, the larger of the pair, agreed on Sunday to buy troubled competitor Credit Suisse for more than $3 billion, according to The Wall Street Journal.
“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,” said the Swiss National Bank.
