Investing
UBS terminates loss protection agreement with Swiss government
© Reuters. FILE PHOTO: A worker climbs on a ladder under the logo of Swiss bank UBS at the company’s headquarters in Zurich May 26, 2011.REUTERS/Arnd Wiegmann/File Photo
ZURICH (Reuters) – UBS will not need to tap the Swiss government’s 9 billion Swiss franc ($10.27 billion) backstop agreed as part of the state-sponsored takeover of Credit Suisse, Switzerland’s biggest bank said on Friday.
“UBS Group AG (SIX:) Voluntarily Terminates Loss Protection Agreement and Public Liquidity Backstop Guaranteed by Swiss Government and Credit Suisse AG Fully Repaid ELA+ Loan,” the bank said.
($1 = 0.8760 Swiss francs)
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