Since Silicon Valley Bank announced its collapse, Switzerland's second-largest bank has finally fallen to the ground due to various negative factors.。

On March 19, local time, the Swiss government brokered a historic deal to contain a crisis of confidence that has begun to spread to global financial markets。Credit Suisse Group AG, the world's fifth-largest consortium with a century-old history, will be acquired by UBS Group AG, thus completely withdrawing from the historical stage.。

It is reported that the acquisition will be an all-stock transaction involving a total of 3 billion Swiss francs (about $3.2 billion).。In addition, the SNB will provide 100 billion francs in liquidity assistance to UBS, while the government will also provide 9 billion francs in guarantees for potential losses on assets taken over by UBS.。About $16 billion of Credit Suisse bonds (AT1) will be rendered worthless to ensure private investors help cover costs, regulator FINMA said.。

The takeover plan, which came amid hastily arranged crisis talks over the weekend, is aimed at addressing customer outflows and sharp falls in Credit Suisse stock and bonds following the collapse of small and medium-sized US banks over the past week.。The liquidity support provided by the SNB in midweek failed to end a market farce that could have caused counterparties to flee, which could have implications for the wider industry.。

Given that Credit Suisse is a systemically important bank, SNB Governor Thomas Jordan told a news conference late Sunday that "we have to move quickly to find a solution as soon as possible."。

Both the Federal Reserve and the U.S. Treasury welcomed the agreement, as did the European Central Bank.。US authorities have been working with their Swiss counterparts as both banks have extensive US operations, according to media reports earlier.。Authorities seek agreement before Asian markets open again。Credit Suisse said in a statement on Sunday that the deal is expected to close by the end of the year, if possible.。

The Federal Reserve and five other central banks announced coordinated action Sunday to increase liquidity in dollar swap arrangements, the latest effort by policymakers to ease growing tensions in the global financial system.。

UBS chairman Colm Kelleher said he would scale back Credit Suisse's investment banking business because the unit has been losing money in recent years.。"Let me be very specific, UBS intends to scale back Credit Suisse's investment banking business and align it with our conservative risk culture.。Kelleher said at a news conference.。This means that previous hopes that Credit Suisse would break up First Boston Bank have been completely dashed.。

UBS also said the number of job cuts following the merger of Credit Suisse would be significant。In a statement on Sunday, the company said it plans to cut the combined company's annual cost base by more than $8 billion by 2027.。That's almost half of what Credit Suisse spent last year.。

In a memo to employees, UBS CEO Ralph Hamers wrote: "Keep in mind that until this transaction is completed, Credit Suisse remains our competitor.。"。A UBS spokesman did not immediately respond to an email seeking comment on the memo.。

UBS traces its history back to about 370 separate institutions, culminating in the 1998 merger of UBS and UBS.。After emerging from state bailouts during the 2008 financial crisis, UBS became one of the world's largest wealth managers, serving high net worth and ultra-high net worth individuals around the world.。

While Credit Suisse avoided a bailout during the financial crisis, it has been hit by a series of bombings, scandals, leadership changes and legal problems in recent years.。Customers have pulled out more than $100 billion in assets in the last three months of last year as concerns about its financial health grew, and the outflow continued even after the company raised 4 billion francs from shareholders.。

Swiss Finance Minister Karin Keller-Sutter said: "This is the only possible solution.。This is necessary to stabilize Swiss and international financial markets, he added.。She says Credit Suisse can no longer survive on its own。