UBS to avoid using $10bn Swiss taxpayer funding for Credit Suisse takeover - reports

Following backlash

UBS is planning not to use the CHF 9bn (£7.9bn) funding the Swiss government had agreed to help with in the rescue sale of Credit Suisse in March, according to reports.

In early June, UBS agreed a deal with the Swiss government to provide the bank with up to CHF9bn to protect it against losses accrued during its takeover of Credit Suisse, as long as the company bore the first CHF 5bn (£4.4bn). However, people familiar with the plans told the Financial Times UBS will avoid using the loss protection facility following political backlash, especially in the run up to the Swiss national elections in October. UBS seals £8bn deal with Swiss government to cover Credit Suisse losses The bank is expected to announce in its Q2 2023 results next month it will...