Credit Suisse: Bank of England won’t object to takeover as UBS considers $1bn bid

Banks race to finish takeover to calm fears of new global financial crisis

• Millions paid in bonuses to UK SVB staff days after £1 rescue
• Bank runs, bailouts, rescues: are the ghosts of 2008 rising again?

The Bank of England will not object to UBS taking over fellow Swiss lender Credit Suisse as soon as this weekend, according to reports, amid a frantic race to stave off a crisis with echoes of the 2008 global banking crash.

UBS has been in talks about a takeover of all or part of its compatriot, after a $54bn loan to Credit Suisse from the Swiss central bank failed to halt the precipitous slide in its share price.