UBS agrees to buy banking rival Credit Suisse in emergency rescue ...Middle East

The foundering Credit Suisse bank is set to be acquired by its rival UBS, the largest bank in Switzerland, in an emergency purchase meant to stave off a wider crisis in the global banking system. The $3.2 billion takeover of Credit Suisse by UBS was arranged quickly, with officials looking to finalize the arrangement before markets opened on Monday. “With the takeover of Credit Suisse by UBS, a solution has been found to secure financial stability and protect the Swiss economy in this exceptional situation,” the Swiss National Bank said in a statement Sunday.  UBS will also be able to access a loan of up to $108 billion from the Swiss National Bank, according to the statement. 

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