Switzerland may use emergency measures to expedite a deal with UBS and Credit Suisse, reports say

• UBS is in talks to acquire part or all of Credit Suisse, the Financial Times reported.

• The talks come after a harrowing week for Credit Suisse, whose shares sank to a record low.

• The likely merger of Switzerland's two largest banks comes a week after SVB collapsed.

Two of Switzerland's largest banks and their regulators are thrashing out a merger deal that could be fast-tracked by Switzerland, the Financial Times reported.

The Swiss National Bank and Swiss regulators brokered talks between UBS and its embattled smaller rival Credit Suisse as the only way of restoring confidence in the latter lender, the newspaper reported Friday.

Later Saturday, the Times cited people familiar with the situation, reporting that the country is ready to use emergency measures to facilitate a takeover by UBS of Credit Suisse. Typically, UBS would have to allow shareholders weeks before such a deal was made, but with emergency measures, that waiting period could be skipped.

Both UBS and Credit Suisse declined to comment to the FT and Bloomberg.

Outflows from Credit Suisse hit almost $11 billion a day late this week as confidence dwindled, two unnamed sources told the FT.

The boards of both banks were meeting this weekend, suggesting that a deal is imminent. But Bloomberg reported later on Saturday that according to sources, the investment banking and trading arms of the bank are sticking points for the two sides.

UBS was asking the Swiss government to cover some legal costs or other losses if a deal was done, Bloomberg reported citing unnamed sources. They suggested that UBS could buy its rival's wealth and asset management divisions, and sell the investment banking division.