UBS Group AG is close to a deal to buy rival Credit Suisse for more than $2 billion in an agreement engineered by Swiss regulators to prevent a crumbling of confidence in banks from spreading, according to people familiar with the matter.
Swiss authorities on Sunday tried to make the deal happen before Asian markets opened for the week. They walked a fine line, needing to get the two banks’ boards to agree to the deal and avoiding the alternative, a regulator-led winddown of Credit Suisse, which could prove more protracted and painful for the financial system.
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