Swiss investment bank UBS is set to acquire rival bank Credit Suisse in a $3.25 billion deal in what the former has called an “emergency rescue,” Report informs, citing Forbes Australia.

The move comes after Credit Suisse found itself on the brink of collapse; in February, it confirmed that clients had pulled 110 billion Swiss francs worth of funds in the fourth quarter, and it had suffered its biggest annual loss since the global financial crisis.

“This acquisition is attractive for UBS shareholders, but let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue,” UBS chairman Colm Kelleher said in a statement.

“We have structured a transaction which will preserve the value left in the business while limiting our downside exposure.”