UBS against the clock in Credit Suisse takeover talks

ZURICH - UBS was up against the clock in talks to finalise a mammoth takeover of its troubled rival Swiss bank Credit Suisse and reassure investors before the markets reopen.

The wealthy Alpine nation's largest banks were in urgent negotiations this weekend with the country's banking and regulatory authorities, several media outlets reported. A merger of this scale, involving swallowing up all or part of a bank arousing growing investor unease, would normally take months. UBS will have had a few days.

"Everything points to a Swiss solution this Sunday. And when the stock market opens on Monday, Credit Suisse could be a thing of the past," the newspaper said.

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