Swiss bank UBS announced former CEO Sergio Ermotti will lead the company's controversial acquisition of troubled rival Credit Suisse, which restored investor confidence as shares went up.
Asian shares surge as easing concerns over the banking sector revived risk appetite, while Alibaba's plans to split into six units lifted Chinese tech stocks.
The central bank in Zurich said inflation had risen again since the beginning of the year and stood at 3.4 percent in February.
UBS, Switzerland's largest bank, has acquired its biggest rival, Credit Suisse, a move seen as a temporary solution to the current financial disruption and potential volatility that it could cause worldwide.
The deal follows the collapse of two large US banks last week that spurred a frantic, broad response from the US government to prevent further panic.
Under the terms of the all-share deal, Credit Suisse shareholders will receive 1 UBS share for every 22.48 Credit Suisse shares held for a total consideration of 3 billion francs.
Switzerland's largest bank, UBS, is reported to be negotiating to buy all or part of Credit Suisse, with the blessing of the Swiss regulatory authorities, according to news reports.
Shares of First Republic Bank and Credit Suisse dive back deep in the red and stock prices of other major banks also fall, with JP Morgan, Citigroup and Bank of America down at least three percent.
The news follows a day in which the value of the shares of the Zurich-based bank fell by more than 25 percent.
Bank rejects allegations of holding tens of billions of dollars of ill-gotten wealth following insider's leak of records of some 18,000 account holders mainly from developing countries in Africa, Middle East, Asia and South America.
According to a Credit Suisse report, global household wealth has remained ‘unscathed’ despite the pandemic.
Swedish activist Greta Thunberg and a crowd of thousands of protesters marched in the Swiss city of Lausanne before many of them head to Davos next week to challenge political and business leaders to combat the climate crisis.
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