The Washington PostThe Washington Post

Swiss banking giants combine to quell growing global bank crisis

By Abha Bhattarai and Rachel Siegel

19 Mar 2023 · 5 min read

Editor's Note

After days of frenzied negotiations, UBS has agreed to take over Credit Suisse in an emergency deal engineered by the Swiss government. But experts remain doubtful that the banking turmoil is over.

Credit Suisse, the battered Swiss bank, has agreed to an emergency takeover by its rival UBS, Switzerland’s largest bank, a move engineered by the Swiss government to stave off immediate concerns of a global financial crisis.

The hasty deal, which was announced Sunday following a weekend of negotiations, offers a temporary reprieve after days of panic in global markets triggered by the collapse of Silicon Valley Bank. But it does little to ease longer-term worries of instability in the banking system.

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