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The Independent UK
The Independent UK
National
Liam James

UBS to buy crisis-hit bank Credit Suisse in bid to avoid financial chaos

Credit Suisse UBS Finma SNB
AFP/Getty

Banking giant UBS will buy its ailing rival Credit Suisse in a snap deal brokered by Swiss authorities to avoid further chaos in markets after a series of high-profile financial failures.

Swiss market watchdog Finma approved the takeover, which came after frantic talks between bank bosses and ministers desperate to secure a deal before nervous investors return to trading on Monday morning.

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