UBS Group has agreed to buy Credit Suisse after raising its offer to more than $2 billion, the Financial Times reported on Sunday, after initially up to $1 billion can be offeredReuters reports.

UBS will now pay more than 0.50 francs ($0.5401) per Credit Suisse share, well below Credit Suisse’s closing price of 1.86 francs on Friday, the FT said, citing sources.

Authorities scrambled to save the 167-year-old bank, which is one of the world’s largest wealth managers, before financial markets reopened on Monday.

As one of the 30 systemically important banks worldwide, the failure of Credit Suisse would spread throughout the financial system.

Fierce talks over the future of Credit Suisse over the weekend followed a brutal week for banking stocks and efforts in Europe and the United States to prop up the sector following the collapse of US banks Silicon Valley Bank and Signature Bank.

US President Joe Biden’s administration took steps to support consumer deposits, while Switzerland’s central bank lent $53 billion to Credit Suisse to shore up its balance sheet.

UBS has been pressured by Swiss authorities to take control of its local rival to contain the crisis, two people familiar with the situation said.

The plan could trigger a spin-off of Credit Suisse’s Swiss unit, with Bloomberg reporting that takeover talks have cast doubt on plans to spin off its investment bank under the First Boston brand.