UBS agrees to buy Credit Suisse for over $2 billion — report

Switzerland's largest bank, UBS, has agreed to pay over $2 billion for Credit Suisse in a deal struck on Sunday, according to business publication The Financial Times. The paper cited unnamed sources familiar with the matter.

Government and banking officials had been locked in urgent talks to rescue the embattled lender, which was given a $54 billion (€50 billion) lifeline by the country's central bank this week.

Switzerland's government had announced that a press conference would take place on Sunday evening at the Bundeshaus in Bern, but did not say when.