Biggest bank her SwitzerlandUBS Group AG, has agreed to acquire Credit Suisse according to the Financial Times, more than two billion dollars. However, neither of the two banks agreed to comment on the information.

According to the Financial Times, UBS will pay more than 0.50 francs per share of Credit Suisse, well below the bank’s closing price of 1.86 francs on Friday.

The newspaper, citing two people with knowledge of the matter, also reported that the Swiss Central Bank had agreed to offer Credit Suisse a $100 billion liquidity line as part of the deal.

In addition, the Swiss government announced that it would hold a press conference at 19:30 (local time, 20:30 Greek time) after the takeover talks.

Pressure to complete the acquisition

Switzerland’s largest bank, UBS, is under pressure to complete its takeover of rival Credit Suisse today in hopes of avoiding a crash and spreading market panic tomorrow, Monday.

A source with knowledge of the talks previously told Reuters that UBS is seeking $6 billion from the Swiss government to buy its competitor.

Another source said the Credit Suisse takeover talks were facing major hurdles, adding that 10,000 jobs could be lost if the two banks merge.

Workers call for strike

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

Credit Suisse shares have lost a quarter of their value in the last week. The bank has been forced to receive a $54 billion bailout from the Swiss Central Bank as it struggles to recover from scandals that have damaged investor and customer confidence.

Earlier today, Bloomberg News reported that Credit Suisse had rejected an earlier offer to buy UBS for $1 billion because it felt the amount was too small and would hurt the bank’s shareholders and employees who own shares in the company. in order after a possible bankruptcy (deferred stock).

^{Source: Reuters.}