Financial Times: Swiss banking giant UBS in talks to purchase Credit Suisse

The Financial Times has reported that Switzerland's largest financial group, UBS, is in talks to acquire the troubled global investment firm, Credit Suisse.

The newspaper said on Friday that the talks involve UBS taking over all or part of Credit Suisse.

The report quoted sources as saying both firms would hold separate board meetings over the weekend to discuss the deal.

Switzerland's central bank, the Swiss National Bank, is reportedly backing the negotiations to stabilize the financial system.

One of the sources says the central bank is also calling on the two lenders to provide a clear solution before markets open on Monday.

Credit Suisse earlier announced it would borrow up to about 54 billion dollars from the Swiss National Bank to strengthen liquidity. But it is struggling to rebuild its business due to a plunge in its share price and the outflow of funds.

Zurich-based UBS is a leading financial institution with offices in more than 50 countries. UBS and Credit Suisse are considered rivals in investment banking and asset management.