Switzerland’s largest bank UBS will pay 3bn Swiss francs ( £2.6bn)  to takeover rival Credit Suisse in a drastic bid to arrest the financial panic that has swept the globe over the past week. Asian stock markets including Hong Kong, Tokyo, and Sydney all fell  on Monday ahead of a Federal Reserve meeting to decide on any further possible interest rate hikes.  Hang Seng fell 3 per cent.But stocks in Shanghai edge up. Swap line arrangement have been triggered  as coordinated action to boost dollar flows to help stem the crisis of confidence gripping more lenders was taken by six major central banks including the Bank of England,  US Federal Reserve, Bank of Japan, European Central Bank, Bank of Canada and Swiss National Bank