UBS is in talks to take over all or part of Credit Suisse, sources tell the Financial Times

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UBS reported fourth quarter and full-year earnings.
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UBS is in talks to take over all or part of Credit Suisse, the Financial Times reported, citing multiple people familiar who have been briefed on the discussions.

The Swiss National Bank and the nation's financial regulator Finma are behind the talks to help lift confidence in the nation's banking sector, these people said. Earlier this week, the embattled Credit Suisse said it would borrow up to 50 billion Swiss francs (or nearly $54 billion) from the Swiss National Bank.

Swiss regulators told their counterparts in the United States and the United Kingdom that a merger between the two banks was their "plan A" to shore up confidence in Credit Suisse, the people told the Financial Times.

The reported match is being discussed at a time when the global banking sector is under increasing pressure, particularly after the failure of Silicon Valley Bank on March 10. Regional bank shares have suffered this week, with First Republic Bank tanking nearly 33% on Friday. Credit Suisse shares closed lower by nearly 7%, but are down 24% for the week.

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