Emergency talks are reported in Zurich as regulators seek a deal for Credit Suisse before Monday.
By Kathryn ArmstrongSwitzerland's biggest bank, UBS, is reported to be in advanced talks to buy all or part of its troubled rival Credit Suisse.
Shares in Credit Suisse have fallen sharply in recent days after it said it had found "material weakness" in its financial reporting.Regulators are trying to facilitate a deal before markets reopen on Monday.This prompted a general sell-off on European markets, and fears of a wider financial crisis. The Swiss government held an emergency meeting on Saturday night, but so far there has been no official statement on the progress of the negotiations.
UBS is said to have asked the Swiss government to cover about $6bn in costs if it were to buy Credit Suisse, according to sources quoted by Reuters.failure of two lenders in the USCredit Suisse, which was founded in 1856, has faced a string of scandals in recent years, including money laundering charges.
The bank reported a loss of 7.3bn Swiss francs in 2022 - its worst year since the financial crisis of 2008 - and has warned it does not expect to be profitable until 2024.
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