European bank shares have dropped sharply after troubled bank Credit Suisse was bought by its Swiss rival UBS in a government-backed deal.

UBS, which purchased Credit Suisse at a fraction of its closing market value before the weekend, is now down 8% compared with an earlier slide of 13%.

Credit Suisse was the most significant failure of a crisis of confidence in the banking sector that also saw the collapse of Silicon Valley Bank in the US.

Despite market turmoil in recent weeks, experts are not forecasting a repeat of the 2008 financial crisis.

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