Switzerland’s biggest bank, UBS, is in advanced talks to buy all or part of its troubled rival Credit Suisse.
Credit Suisse, the second largest Swiss bank, is facing a crisis of confidence and its shares have fallen sharply in recent days, sending ripples of concern through the markets.
It has been reported that UBS is offering to pay up to $1bn (£820m), and regulators are trying to facilitate a deal before markets reopen on Monday.
Credit Suisse is one of around 30 banks worldwide deemed too big to fail because they are of such importance to the banking system – but the 167-year-old institution is loss-making and has faced a string of problems in recent years, including money laundering charges.
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