Bloomberg and the Financial Times are both reporting that Swiss financial regulators, the Swiss National Bank, and the Swiss Financial Market Supervisory Authority (FINMA) are arranging negotiations between the nation’s two biggest banks, UBS and Credit Suisse, to discuss the possibility of merging the two lenders.

The reports indicated that UBS is considering acquiring all or parts of Credit Suisse. This weekend the boards of both banks are set to meet to explore the possibility of a merger.

Shares of Credit Suisse have been weighed down for months, as it battled several scandals, legal issues, as well as customer outflows. Most recently, its largest investor, Saudi National Bank (SNB), refused to provide financial assistance to it, claiming legal and regulatory restrictions within the Kingdom forbade further investment.

Credit Suisse’s difficulties were made worse following the collapse of several smaller US banks last week, which rattled depositors and set off a wave of minor bank runs on smaller banks and those which appeared possibly in distress.

Credit Suisse’s shares closed down 7% on Friday, and down 24% for the week.

Bloomberg reported that the decision on the merger may be announced Sunday evening, at the earliest. Earlier reporting, however has indicated both banks were skeptical over the prospects of the merger, and would prefer it only as a last resort.

Credit Suisse reportedly has felt it will be able to fix its own situation using the $54 billion loan it received from the Swiss National Bank, while UBS would prefer to avoid taking on the risks related to Credit Suisse’s situation.

Presently UBS has a market value of roughly $60 billion, and Credit Suisse is worth about $8 billion.

Neither UBS nor Credit Suisse have commented on the reports.