Switzerland is granting UBS Group AG a 9 billion franc ($9.7 billion) guarantee to cover potential losses related to its takeover of Credit Suisse Group AG.
(Bloomberg) — Switzerland is granting UBS Group AG a 9 billion franc ($9.7 billion) guarantee to cover potential losses related to its takeover of Credit Suisse Group AG.
The guarantee applies to a specific part of the bank’s business and will be activated if losses occur on the portfolio, according to a press release from the government on Sunday, which didn’t detail the businesses.Â
UBS would absorb the first 5 billion francs of losses, the government the next 9 billion francs, and UBS any further losses, according to the statement.
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