Troubled banks in the US and Europe received multi-billion dollar lifelines on Friday, which boosted investor confidence and sentiment in the stock market.
Large US banks provided a $30bn deposit injection into First Republic Bank, which had been caught up in a widening crisis triggered by the collapse of two other mid-size US lenders over the past week.
Swiss bank Credit Suisse also secured an emergency central bank loan of up to $54bn to shore up its liquidity.
These measures went some way to calming panic about a global banking crisis.
Multi-billion dollar lifelines have been provided to troubled banks in the US and Europe, after investor confidence was hit by fears of a global banking crisis.
Large US banks injected $30bn in deposits into First Republic Bank, which had been caught up in a widening crisis triggered by the collapse of two other mid-size US lenders over the past week.
Meanwhile, Swiss bank Credit Suisse secured an emergency central bank loan of up to $54bn to shore up its liquidity, helping to calm panic in the financial markets.
The news of the lifelines boosted investor confidence and bolstered sentiment in the stock market, with Asian stocks mostly higher in morning trade, tracking Wall Street's relief rally.
The Frankfurt-listed shares of First Republic Bank rose as much as 5% in early trading on Friday after the deal was announced.
However, the bank's shares fell 17% in after-market trading when it was disclosed that the bank would suspend its dividend and the extent of the emergency liquidity it required.
Commenting on the situation, the Gulf News noted that concerns still remain over whether a global financial crisis has been fully averted.
The Reuters article highlighted that the deal was put together by top power brokers including US Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase CEO Jamie Dimon.
While both sources gave similar information, the Reuters article also provided further details on how the other US banks' shares were affected as a result of the deal.