Chairman Axel Lehmann said the merger represented the “best available result”.

Bern, Switzerland:

UBS will acquire stricken rival Swiss bank Credit Suisse for a “merger consideration of three billion Swiss francs”, ($3.24 billion), Credit Suisse said in a statement on Sunday after intense talks in Bern.

“All shareholders of Credit Suisse will receive one share in UBS for 22.48 shares in Credit Suisse as merger consideration. This exchange ratio reflects the merger consideration of three billion Swiss francs for all shares in Credit Suisse,” The beleaguered bank said Lehman, along with chairman Axel, said: “Given the recent extraordinary and unprecedented circumstances, the announced merger represents the best available outcome.”

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