World's central banks rally to prevent banking crisis spreading after UBS takes over embattled Credit Suisse

The deal was done to prevent a crisis of confidence in Credit Suisse spilling over into the broader financial system.

Some of the world's largest central banks have come together to stop a banking crisis from spreading, in the wake of Swiss authorities persuading multinational investment bank UBS to buy beleaguered rival Credit Suisse in a historic deal. 

UBS will take over Credit Suisse for $3 billion Swiss francs ($4.8 billion) in a bid to rescue the embattled lender — a move backed by Swiss authorities.