UBS Group AG is nearing a deal to take over Credit Suisse Group AG, part of an urgent effort engineered by Swiss and global authorities to restore trust in the banking system, people familiar with the situation said.
The deal could come together Sunday if not sooner, the people said. Regulators have offered to waive a requirement for customary shareholder votes to expedite the sale, one of the people said. The discussions were fast-moving and a remaining sticking point was the status of who will own Credit Suisse’s substantial Swiss retail arm, the people said.
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