Uncertainty in Switzerland as the country's second largest bank hopes to secure its future.

UBS —the country's largest— is offering to pay around 1.8-billion-New Zealand-dollars for full or partial control of Credit Suisse.

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

Devon Funds Management's Greg Smith told Mike Hosking that there are many scenarios that could play out.

He says with a full or partial nationalisation of the bank as a backstop on the cards, there's a bit of a balancing act going on to secure a deal.

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