UBS is buying Credit Suisse in bid to halt banking crisis

The deal was brokered by the Swiss authorities with the aim of restoring market confidence.

Switzerland's biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.

"UBS today announced the takeover of Credit Suisse," the Swiss National Bank said in a statement Sunday. It said the rescue would "secure financial stability and protect the Swiss economy."