Credit Suisse’s CS -6.94%decrease; red down pointing triangle nearly 167-year run came to an abrupt end Sunday when its larger and longtime rival UBS Group UBS -5.50%decrease; red down pointing triangle agreed to buy it, marking the biggest deal in the global banking system in years.

UBS’s deal to take over Credit Suisse for around $3 billion came together quickly over the weekend, though problems at Credit Suisse brewed for years. The Swiss lender has long been viewed as the problem child of the banking system. 

Switzerland’s biggest bank, UBS, has agreed to buy its ailing rival Credit Suisse in an emergency rescue deal aimed at stemming financial market panic unleashed by the failure of two American banks earlier this month.

“UBS today announced the takeover of Credit Suisse,” the Swiss National Bank said in a statement Sunday. It said the rescue would “secure financial stability and protect the Swiss economy.”

The Swiss government is reportedly set to announce a deal Sunday that will allow UBS, the largest bank in Switzerland, to buy its beleaguered rival, Credit Suisse, for $2 billion, according to the Financial Times.

Shares of Credit Suisse and UBS led losses on the pan-European Stoxx 600 index on Monday morning, shortly after the latter secured a 3 billion Swiss franc ($3.2 billion) “emergency rescue” of its embattled domestic rival.

Credit Suisse shares collapsed by 60% at around 11:20 a.m. London time (7:20 a.m. ET), while UBS traded 5% lower.

Europe’s banking index was down nearly 1.8% around the same time, with lenders including ING, Societe Generale and Barclays all falling over 2.7%.