Troubled bank Credit Suisse has been rescued by its Swiss rival UBS in a government-backed deal.
The announcement came after a weekend of emergency talks in Switzerland between the two banks and the country’s financial regulators.
The Swiss National Bank said the deal was the best way to restore the confidence of financial markets and to manage risks to the economy.
It comes as concerns grows over the stability of the global banking system.
Jane Hill presents BBC News at Ten reporting by business editor Simon Jack.
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