UBS and regulators rush to seal Credit Suisse takeover deal

Credit Suisse, UBS and their key regulators are racing to thrash out a deal on the historic merger of Switzerland’s two biggest banks as soon as Saturday evening, people familiar with the situation told the Financial Times.

The Swiss National Bank and regulator Finma have told international counterparts that they regard a deal with UBS as the only option to arrest a collapse in confidence in Credit Suisse. Two people said deposit outflows from the bank topped Sfr10bn ($10.8bn) a day late last week as fears for its health mounted.