Its largest bank Switzerland, UBSsubmitted an offer to purchase Credit Suisse worth up to $1 billion, with the Swiss government planning to change the law to bypass a shareholder vote to complete the deal, according to the Financial Times.

According to the same media outlet, the acquisition agreement is expected to be signed within the next few hours.

Swiss regulators are rushing to find a solution for Credit Suisse before markets reopen on Monday. UBS is under pressure to finalize its takeover of Credit Suisse today.

Members of the Swiss government met this morning at the finance ministry in Bern, 20 Minutes reports, to discuss this issue of great importance to the Swiss economy.

The deal to buy Credit Suisse from UBS is due to close today, Blick reported yesterday.

Under normal circumstances, the acquisition process takes months. But the Swiss authorities have no choice but to push UBS to overcome its doubts because of the enormous pressure from the main economic and financial partners of Switzerland, who fear for their own financial markets, Bleek said.

For its part, the Bank of England has told its international partners and UBS that it will support the proposed acquisition of Credit Suisse, according to UK network Sky News.

Sources familiar with the talks told Reuters yesterday that UBS was seeking government guarantees worth about $6 billion for a possible takeover of Credit Suisse.

The guarantees will cover the costs of liquidating parts of Credit Suisse and possible legal fees, sources told Reuters.

Meanwhile, the Confederation of Swiss Bankers has called for the immediate establishment of a working group to address the risk of job losses at Credit Suisse.

“There is a huge stake for the approximately 17,000 employees of Credit Suisse in Switzerland and therefore for our national economy,” he stressed.

Negotiations to resolve the crisis of confidence Credit Suisse faced serious obstacles. If UBS acquires it, it could result in 10,000 job losses, Reuters reported.

^{According to REUTERS, FINANCIAL TIMES}