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UBS offers to buy Credit Suisse for up to $1 billion, the Financial Times reports

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Swiss banking giant UBS on Sunday offered to buy its embattled rival Credit Suisse for up to $1 billion, according to the Financial Times, citing four people with direct knowledge of the situation.

The deal, which the FT said could be signed as early as Sunday evening, values Credit Suisse at around $7 billion less than its market value at Friday's close.

The FT said UBS had offered a price of 0.25 Swiss francs ($0.27) a share to be paid in UBS stock. Credit Suisse shares ended Friday at 1.86 Swiss francs.

The fast-moving nature of the negotiations means the terms of any end deal could be different from those reported. Credit Suisse declined to comment on the report when contacted by CNBC.

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