UBS will take over Credit Suisse, Swiss authorities have confirmed.

The deal to rescue the embattled lender includes 100bn Swiss francs in liquidity assistance for both banks.

In a statement, the Swiss central bank and other officials said that the agreement represented "a solution...to secure financial stability and protect the Swiss economy in this exceptional situation".

President of the Swiss Confederation Alain Berset added: "The federal council welcomes this. It guarantees the framework conditions essential to its success."

It is hoped that UBS's takeover of its old rival will avoid contagion of the sort seen in the financial crisis of 2008.

Read more: https://news.sky.com/story/ubs-to-take-over-credit-suisse-swiss-central-bank-confirms-12838193

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