UBS Group doubled its initial offer and agreed to buy its competitor Credit Suisse for nearly $2 billion on March 19, in a historical deal for the two biggest banks in Switzerland, the Financial Times reported.

UBS Group has agreed to purchase the ailing Switzerland-based bank Credit Suisse for $2 billion, according to a report from Associated Press on March 19.The two banks, both based in Switzerland, are considered rivals. Previously, UBS Group offered to buy Credit Suisse for the smaller amount of $1 billion.

As Swiss officials and UBS Group AG raced to put together a deal for the takeover of Credit Suisse Group Inc., bonds of the embattled lender rose in a rare weekend trading session.

British finance minister Jeremy Hunt and Bank of England Governor Andrew Bailey are in regular contact this weekend over the fate of Credit Suisse Group AG (CSGN.S), according to a source with knowledge of the matter.

BlackRock Inc. Vice Chairman Philipp Hildebrand is taking part in discussions as Swiss officials race to put together a deal for UBS Group AG to take over Credit Suisse Group AG.

UBS Group AG is seeking government guarantees of about $6 billion for a potential takeover of Credit Suisse Group AG, a person with knowledge of the discussions told Reuters on Saturday.

Switzerland is preparing to use “emergency measures” to accelerate the takeover by UBS of Credit Suisse, in an effort to finalize the acquisition before "markets open on Monday."

A historic merger deal between Credit Suisse and UBS Group is all set to be finalized as soon as Saturday evening, latest reports confirmed. It is said that the Swiss National Bank, Switzerland’s central bank and regulator Swiss Financial Market Supervisory Authority FINMA believe this merger as the only choice to prevent a Credit Suisse collapse. This could make a massive banking entity with the merger of the two largest Switzerland banks. 

After Credit Suisse Group AG announced it would borrow 50 billion Swiss francs from the Swiss National Bank, UBS Group AG is reportedly considering acquiring the banking giant. However, UBS is requesting that the government issue a backstop to protect against any losses if it purchases Credit Suisse. According to unnamed sources familiar with the matter, UBS, which is the world’s largest private bank, wants the government to safeguard the deal.

Credit Suisse Group AG's (CSGN.S) average liquidity coverage ratio, a measure of how much cash-like assets the bank has, did not change between March 8 and March 14, the Swiss lender said on Thursday, despite the global banking crisis.