UBS to take over beleaguered rival Credit Suisse to prevent Swiss banking giant collapsing

Credit Suisse chairman Axel Lehmann said it was an "historic, sad and very challenging" day for both his bank and the global market.

"Given recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome," he said. Credit Suisse chairman Axel Lehmann and UBS Chairman Colm Kelleher address a press conference after talks over UBS taking over its rival Swiss bank Credit Suisse in Bern on March 19, 2023."This has been an extremely challenging time for Credit Suisse and while the team has worked tirelessly to address many significant legacy issues and execute on its new strategy, we are forced to reach a solution today that provides a durable outcome.

Swiss central bank and other officials said in a statement that the deal represented "a solution...to secure financial stability and protect the Swiss economy in this exceptional situation".It comes after the bank suffered losses last week following the failure of two American banks over the past two weeks.

Mid-crisis shotgun weddings make awful bedfellows.

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