A proposed merger between Switzerland's two largest banks would create a banking powerhouse with more than $400 billion of worldwide assets and a significant presence in several U.S. financial sectors.

Zurich-based CS Holding, parent company of Credit Suisse, confirmed Tuesday that it has suggested a merger with Union Bank of Switzerland. UBS, Switzerland's biggest bank, said its board would meet Thursday to decide on the offer.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.