UBS to buy Credit Suisse for nearly $3.25B to calm turmoil

Swiss President Alain Berset said banking giant UBS is acquiring its smaller rival Credit Suisse for almost $3.25 billion in an effort to avoid further market-shaking turmoil in global banking. Markets remained jittery despite the best efforts of regulators to restore calm, however, with shares in Asia mostly lower. Banks stocks also fell. The combination of the two biggest and best-known Swiss banks leaves Switzerland, a global financial center, on the cusp of having a single national champion in banking. UBS officials said they plan to sell off parts of Credit Suisse, or reduce the size of the bank over the coming months and years.