Credit Suisse had been brought to the brink of financial calamity last week, despite securing a $54bn (£44bn) credit line from Switzerland's central bank Read more:
This combination brings together not only Switzerland's two biggest banks but two of the most significant financial institutions in the world.
This was always a deal that the Swiss government had resisted. It had been speculated so many times over the last decade, but the Swiss government had always wanted to maintain two national banking champions. The only alternative to this deal happening was going to be when financial markets opened on Monday in Asia and then in Europe, some form of nationalisation or resolution of Credit Suisse which would have deepened the sense of crisis in the industry.
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