GENEVA, 19th March (WAM) - Switzerland’s biggest bank, UBS sealed a deal to buy rival Swiss bank Credit Suisse (CSGN.S) to avoid further market-shaking turmoil in global banking, Swiss authorities said on Sunday.

Swiss regulators have been forced to step in and orchestrate a deal to prevent a crisis of confidence in Credit Suisse spilling over into the broader financial system, Reuters said.

The Swiss finance minister said the bankruptcy of a globally important bank would have created irreparable consequences for financial markets.