UBS announces takeover of Credit Suisse

UBS has agreed to choose more than the 167-calendar year-old Swiss financial institution giant Credit Suisse in a offer value $3 billion.

The Swiss federal government also announced its central lender will provide up to $100 billion in liquidity.

“The takeover of Credit Suisse by UBS is the ideal alternative for restoring the confidence that has been lacking in economic marketplaces a short while ago and for ideal managing the risk to our state and its citizen,” Swiss Confederation President Alain Berset reported.