UBS acquiring Credit Suisse in $3.2bn emergency rescue deal

Credit Suisse is set to be taken over by its larger rival, UBS, in a $3.2bn emergency rescue deal.

News of the takeover brought the FTSE 100 down 0.7 per cent as markets opened in London.

However, the merger has been welcomed internationally. The US Federal Reserve and Treasury have said the move will bring about financial stability for Switzerland.

Chancellor Jeremy Hunt and the Bank of England have also hailed the deal as it was announced on Monday morning.

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