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Initial relief over Credit Suisse rescue by UBS

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Banking stocks and bonds plummeted on Monday after UBS Group sealed a state-backed takeover of troubled peer Credit Suisse Group AG, a deal that was orchestrated in an attempt to restore confidence in a battered sector.

Credit Suisse shares lost a quarter of their value last week. The bank was forced to tap $54bn in central bank funding as it tried to recover from scandals that undermined confidence.


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