Swiss bank UBS has agreed to buy Credit Suisse amid a banking crisis that threatens markets, the newspaper reported this Sunday morning Financial Times.
UBS would pay more than $2 billion for the rival bank’s assets, according to the outlet. The deal will be priced at a fraction of Credit Suisse’s closing price on Friday. Earlier, Credit Suisse’s board rejected a $1 billion offer.
Swiss authorities are considering a change in the laws for the transaction to go through. The agreement came after a weekend of intense negotiations to prevent the banking crisis from spreading to the markets.
The agreement will be formally announced in the following hours, according to the British newspaper and would give way to a new European banking giant.