The clock is ticking for Switzerland's banking sector as one rival hopes to save another.

The country's largest bank UBS has offered to buy all or parts of Credit Suisse.

The Swiss Government is looking to change laws to bypass a shareholder vote.

Regulators have been racing to save the 167-year-old bank, hoping to secure a deal before the markets reopen tonight at 6pm New Zealand time.

Europe correspondent Gavin Grey told Kate Hawkesby that UBS is offering to pay around 1.8-billion dollars.

He says although parts of Credit Suisse are still viable, the plummeting share prices make it a risk for both UBS and the Government.

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