UBS to buy troubled Credit Suisse in deal brokered by Swiss government

With the impeccable timing of one of the country's famed watches, Swiss officials brokered a last-minute emergency takeover of the troubled bank Credit Suisse by fellow banking giant UBS.

In a press conference on Sunday, Swiss president Alain Berset said the recent banking industry turmoil had destabilized Credit Suisse and that this deal was vital to stabilizing the bank and the global banking sector.

Under the deal, UBS Group AG will buy Credit Suisse for more than $3 billion in an all stock deal. UBS will also get an extra $100 billion from the Swiss central bank as part of the deal.