Banks race to finish takeover to calm fears of new global financial crisis

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The Bank of England will not object to UBS taking over fellow Swiss lender Credit Suisse as soon as this weekend, according to reports, amid a frantic race to stave off a crisis with echoes of the 2008 global banking crash.

UBS has been in talks about a takeover of all or part of its compatriot, after a $54bn loan to Credit Suisse from the Swiss central bank failed to halt the precipitous slide in its share price.