Banking giant UBS buying troubled Credit Suisse for €3bn to prevent it collapsing

Credit Suisse is designated by the Financial Stability Board, an international body that monitors the global financial system, as one of the world’s globally systemic important banks

UBS is to buy up troubled rival Credit Suisse (Michael Buholzer/Keystone via AP)

Banking giant UBS is buying its smaller rival Credit Suisse for $3.2bn (€3bn) in an effort to avoid further market-shaking turmoil in global banking, Swiss president Alain Berset announced on Sunday night.

The deal was “one of great breadth for the stability of international finance,” Mr Berset said. “An uncontrolled collapse of Credit Suisse would lead to incalculable consequences for the country and the international financial system.”