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
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
hello and welcome to bbc world news. 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. fears about the possible collapse of credit suisse sparked falls in stock markets around the world over recent days, and raised fears of another global financial crisis. the rescue deal follows a weekend of emergency talks between the two banks, after credit swiss saw its value plummet over the past week. 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. our geneva correspondent imogen foulkes explains the significance of this merger on the global stage. it s early days. but i don t think it s going to be easy. ubs is the bigger of the two, but both of them are already huge. if you lookjust in switzerland, both of them have at least one branch, more in a big city like bern
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