UBS offers to bail out Credit Suisse amidst global financial turmoil
• Swiss banking giant UBS has agreed to purchase Credit Suisse in an all-share deal valued at $4.8 billion.
• The acquisition includes government guarantees and liquidity provisions as well.
• It has been agreed that the Swiss National Bank will be offering UBS liquidity assistance of 100 billion francs while the government will guarantee potential losses of 9 billion francs.
