STORY: The major Swiss bank UBS takes over its badly battered rival Credit Suisse for three billion francs, the equivalent of around three billion euros. In addition, it is responsible for losses of up to five billion francs. The Swiss National Bank supports the deal with liquidity support and grants the banks a loan totaling up to CHF 100 billion. The Swiss government also promised UBS a guarantee of nine billion francs. Swiss Finance Minister Karin Keller-Sutter said it was regrettable that Credit Suisse had not been able to overcome its difficulties on its own. But: “A bankruptcy of Credit Suisse would have caused huge collateral damage on the Swiss financial market and a risk of contagion for UBS and other banks, including internationally.” The Swiss financial regulator Finma approved the takeover. Authority President Marlene Amstad said both banks could now continue their business normally. Bank counters, ATMs, online banking, all services remained accessible in the usual way. The Swiss government had urged UBS to take over the bank in order to restore confidence in Credit Suisse and prevent the crisis from spreading to other banks in Europe. Whether this will succeed will be seen on the global financial markets, especially from Monday. The 167-year-old Credit Suisse is one of the largest wealth managers in the world. After a series of home-grown problems and scandals, she got caught up in the collapse of the US institutions Silicon Valley Bank and Signature Bank.