Swiss investment bank UBS has agreed to buy Credit Suisse in an all-stock deal valued at over $2 billion,

according to a report by Bloomberg.

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The deal was brokered by the Swiss government,

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according to the report, and came after initial reporting that UBS had offered to buy the beleaguered bank for $1 billion.

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Credit Suisse's market capitalisation stood at $8 billion as of market close on March 17.

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The deal is all set to be announced on Sunday evening (Central European Standard Time),

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The Financial Times reported citing three people with direct knowledge of the situation.

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