the financial times is reporting that the country s biggest bank, ubs, has offered to buy credit suisse for up to one billion dollars, although bloomberg reports that credit suisse sees that as vastly undervaluing the bank. the swiss banking giant had been caught up in the market uncertainty triggered by the collapse, nine days ago, of america s silicon valley bank. it had been offered an emergency credit facility of more than 50 billion dollars by switzerland s central bank but that had not prevented a sharp fall in its share price. more now on one of our main stories this hour a potential takeover of the struggling credit suisse bank by another swiss based bank, ubs. let s get the latest now from our correspondent in switzerland imogen foulkes. what is the latest on these stories to try and shore up we hearing a lot of things but i can tell you the crisis talks taking just on the road from me in berne financial authority of the banks, people are being very tight lip
that the country s biggest bank, ubs, has taken over its troubled rival credit suisse in an emergency measure designed to protect the swiss economy. credit suisse has seen its value plummet over the last week due to fears about the company s financial health. regulators in switzerland had spent the day trying to pave the way for a deal to be struck before the financial markets open tomorrow. here s the swiss president alain berset speaking at a press conference a short time ago. on friday, the liquidity showed that it was no longer possible to restore the necessary confidence, and the swift and stabilising solution was absolutely necessary. this solution is the takeover of credit suisse by ubs. it is supported by the federal council following several meetings with the swiss national bank, with a regulator, credit suisse and by ubs. the federal council has every confidence that in this difficult situation, the takeover of credit suisse ubs is to restore the confidence that
the government of switzerland says that the country s biggest bank, ubs, has taken over its troubled rival, credit suisse, in an emergency measure designed to protect the swiss economy. credit suisse had been caught up in the market uncertainty triggered by the collapse, nine days ago, of america s silicon valley bank. it had been offered an emergency credit facility of more than $50 billion by switzerland s central bank, but that had not prevented a sharp fall in its share price. here s the swiss president, alain berset, speaking at a press conference a short time ago. on conference a short time a-o. on conference a short time am. friday, on conference a short time a-o. friday, the liquidity s it on friday, the liquidity showed that it was on friday, the liquidity showed that it was no on friday, the liquidity showed that it was no longer possible to restore the necessary confidence, and the swift the necessary confidence, and the swift and the necessary confidence, an
devastated in the early months of the war. # i ll take the world apart to find a place for a peaceful heart. and we hear from yusuf cat stevens about music, faith and performing at glastonbury. it s 7am in singapore, and midnight in switzerland where the government has reached an emergency deal with the country s biggest bank, ubs, to take over its troubled rival credit suisse. the annoucement comes just before global financal markets open on monday, in an attempt to settle nerves in the global financial sector. credit suisse has seen its value plummet over the last week due to fears about the company s financial health. credit suisse had been caught up in the market uncertainty triggered by the collapse, nine days ago, of america s silicon valley bank. here s the swiss president alain berset speaking at a press conference earlier. on friday the liquidity and volatility showed it was no longer possible to restore the necessary confident and that the swift and stabilising solu
the government of switzerland says that the country s biggest bank, ubs, has taken over its troubled rival credit suisse in an emergency measure designed to protect the swiss economy. credit suisse has seen its value plummet over the last week due to fears about the company s financial health. regulators in switzerland had spent the day trying to pave the way for a deal to be struck before the financial markets open tomorrow. here s the swiss president alain berset speaking at a press conference earlier. on friday, the liquidity outflows and market volatility showed that it was no longer possible to restore the necessary confidence, and that a swift and stabilising solution was absolutely necessary. this solution is the takeover of credit suisse by ubs. it is supported by the federal council following several meetings with the swiss national bank, with our regulator, with credit suisse and ubs. the federal council welcomes the takeover and is supporting it by guaranteeing