The Swiss Government brokers a deal for UBS to buy out rival Credit Suisse in an attempt to calm the 2023 banking crisis.

The Federal Council is the federal cabinet of the Swiss Confederation. Its seven members also serve as the collective head of state and government of Switzerland. Since World War II, the Federal Council is by convention a permanent grand coalition government composed of representatives of the country's major parties and language regions.

UBS Group AG is a Swiss multinational investment bank and financial services firm founded and based in Switzerland, with headquarters in both Zurich and Basel. It holds a strong foothold in all major financial centres as the largest Swiss banking institution and the world's largest private bank. UBS manages the largest amount of private wealth in the world, counting approximately half of The World's Billionaires among its clients, with over US$6 trillion in assets (AUM). Based on international deal flow and political influence, the firm is considered one of the "biggest, most powerful financial institutions in the world". UBS is also a leading market maker and one of the eight global 'Bulge Bracket' investment banks. Due to its large presence across the Americas, EMEA and Asia–Pacific markets, the Financial Stability Board considers it a global systemically important bank and UBS is widely considered to be the largest and most sophisticated "truly global investment bank" in the world, given its market-leading positions in every major financial centre globally.

On 19 March 2023, Swiss bank UBS Group AG agreed to buy Credit Suisse for CHF 3 billion in an all-stock deal brokered by the government of Switzerland and the Swiss Financial Market Supervisory Authority. The Swiss National Bank supported the deal by providing more than CHF 100 billion in liquidity to UBS following its takeover of Credit Suisse's operations, while the Swiss government provided a guarantee to UBS to cover losses of up to CHF 9 billion over the short term. Additionally, CHF 16 billion of Additional Tier 1 bonds were written down to zero.