Swiss bank and wealth manager UBS is to acquire its troubled rival Credit Suisse in an “emergency rescue” deal worth £2.5bn.

The UK Government has sold £1.2bn of its shares in NatWest Group, reducing its stake to below 50% for the first time since its 2008 rescue deal for the group.

Challenger bank Monzo is to launch an investments and wealth business.

Wealth manager and private bank Coutts is to relaunch its private office for UHNW clients under the new brand Coutts Family Office (CFO).