:UBS sealed a deal to buy rival Swiss bank Credit Suisse to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday.
It was not yet clear if the deal is enough to restore trust in lenders around the world. The first indication could come when stock markets open in a few hours in Asia, Australia and New Zealand. A deal value was not immediately clear. A report in the Financial Times earlier put it at more than $2 billion.
At least two major banks in Europe are examining scenarios of contagion possibly spreading in the region's banking sector and looking to the Federal Reserve and the European Central Bank to step in with stronger signals of support, two senior executives with knowledge of the discussions said. Credit Suisse shares lost a quarter of their value last week. The bank was forced to tap $54 billion in central bank funding as it tries to recover from scandals that have undermined the confidence of investors and clients.
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In business world n life, anything can happen - yr competitor / rival, who may not hv bn under yr radar, may swallow u up overnight. Cherish your days while they last.
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