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Swiss devise US$3.25B deal for UBS to aquire 'too big to fail' Credit Suisse

The Financial Stability Board designated Switzerland's two biggest banks as so huge and critical to the world's global financial architecture that they must not be allowed to fail.

The global headquarters of Credit Suisse in Zurich
The global headquarters of Credit Suisse in Zurich (AN/Credit Suisse)

BERN, Switzerland (AN) — In a stunning development, Swiss authorities forced the nation's biggest bank, UBS, to acquire its junior rival Credit Suisse in a bid to restore confidence in the financial system.

Swiss President Alain Berset announced the hastily arranged merger deal between the two banks after Credit Suisse shares plunged and depositors looked for the exits, stoking fears of collapse at one of the world's 30 banks that the Financial Stability Board designated as "too big to fail."

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