OUR Credit Suisse was acquired by UBS, its central bank said Sunday. Switzerland.

The Swiss Central Bank announced an expansion of a credit line of up to 100 billion Swiss francs for UBS and Credit Suisse.

“In this situation of extreme uncertainty, the acquisition of Credit Suisse by UBS has provided a solution that guarantees financial stability and protection for the Swiss economy,” the central bank said in a statement.

“The best solution to restore trust”

President of the Swiss Confederation Alain Berchet said the takeover is the best way to restore confidence.

This decision “is decisive not only for Switzerland (…), but also for the stability of the entire global financial system,” said the President of the Swiss Confederation.

As the Financial Times previously reported, Switzerland’s largest bank, UBS Group AG, has agreed to buy Credit Suisse for more than $2 billion.

It is noted that UBS was under pressure from the authorities to complete the acquisition of Credit Suisse by any means during the day in the hope of avoiding a collapse and a contagious wave of panic in the markets on Monday.

^{Source: Reuters.}