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UBS to take over Credit Suisse in historic $3.2bn rescue deal

Longtime Swiss rivals to merge as authorities scramble to calm loss of confidence

"This takeover was made possible with the support of the Swiss federal government, the Swiss Financial Market Supervisory Authority (FINMA) and the Swiss National Bank," the central bank said in a statement.   © Reuters

NEW YORK -- UBS will take over Credit Suisse in a historic deal, leading to a consolidation of longtime rivals in Switzerland.

The deal was announced Sunday by both banks as well as Swiss National Bank -- the central bank -- and Switzerland's financial authority.

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