The Swiss government brokered a deal on Sunday for UBS to purchase its longtime rival Credit Suisse for roughly $3.2 billion.
The deal aims to stop a banking crisis spurred by the collapse of Silicon Valley Bank earlier this month. It took a few days to reach an agreement, which Swiss government leaders and regulators said "was the most effective way of reassuring investors about the health of the country's financial sector," The New York Times writes.
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