UBS, regulators race to seal Credit Suisse deal as soon as March 18: Report

The Swiss National Bank and Swiss regulator FINMA have told their international counterparts they regard a deal with UBS Group as the only way to prevent a collapse in confidence in Credit Suisse Group, the Financial Times reported on Saturday.

UBS, Credit Suisse and key regulators are rushing to finalise a deal on the merger of the two Swiss banks as soon as Saturday evening, the FT reported, citing people familiar with the matter.

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FINMA declined to comment on the FT report. UBS and Credit Suisse did not immediately respond to a Reuters request for comment.

Reuters earlier reported that UBS was coming under pressure from the Swiss authorities to carry out a takeover of its local rival to get the market turmoil surrounding Credit Suisse under control. The plan could see the Swiss government offer a guarantee against the risks involved, while Credit Suisse's Swiss business could be spun off.