UBS to buy troubled rival in deal to end crisis


ZURICH: Union Bank of Switzerland (UBS) Group AG agrees to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of confidence that had started to spread across global financial markets.

The Swiss bank is paying its rival three billion francs (US$3.3bil or RM14.8bil) in an all-share deal that includes extensive government guarantees and liquidity provisions.

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