'UBS buyout of Credit Suisse eases jitters'

THE United States and European Union regulators' massive liquidity assistance to embattled banks has sent relief to global markets, but the prospect of a deepening banking crisis in the developed economies remains not effectively defused.

Switzerland's largest bank, UBS, said on Monday that it will acquire Credit Suisse for 3 billion Swiss francs ($3.2 billion) after the 167-year-old embattled lender was brought to the brink of collapse last week.