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The New Daily
The New Daily
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AAP

UBS to take over 167-year-old rival Credit Suisse

Credit Suisse UBS United States Silicon Valley Bank

UBS has sealed a deal to buy rival Swiss bank Credit Suisse to avoid further market-shaking turmoil in global banking, Swiss authorities say.

Swiss regulators have been forced to step in and orchestrate a deal to prevent a crisis of confidence in Credit Suisse spilling over into the broader financial system.

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