UBS will buy rival Swiss bank Credit Suisse for US$3.23 billion and assume up to US$5.4 billion in losses, in a shotgun merger engineered by Swiss authorities that won applause from other central bankers keen to avoid further market-shaking turmoil.

WATCH MORE: https://thestartv.com/c/news
SUBSCRIBE: https://cutt.ly/TheStar
LIKE: https://fb.com/TheStarOnline