UBS and Swiss National Bank agree Credit Suisse takeover

The Swiss National Bank said at a press conference in Bern on Sunday evening that UBS would be taking over embattled lender Credit Suisse.

The deal will see UBS acquire Credit Suisse for 3 billion Swiss francs ($3.23 billion).

Swiss President Alain Berset said that the Swiss Federal Council welcomed the takeover and said it was the "best solution" to restore and strengthen market confidence in Credit Suisse and the Swiss financial center.

It was not immediately clear whether the rescue would calm investor concerns about the banking sector more generally. As they had hoped, Swiss authorities reached an accord just in time for the first stock markets in Australia, New Zealand and Asia to open for Monday trading in the coming hours, when the first indications might appear.