UBS and the Swiss government have agreed on how they will share losses linked to the bank's emergency takeover of Credit Suisse, which will create a giant Swiss bank. The agreement clears the way for the takeover to close within days.
The agreement announced Friday has been negotiated since the rescue of Credit Suisse\n \n in March. The Swiss government will guarantee up to 9 billion Swiss francs of losses that UBS may incur from the sale of its rival’s assets beyond 5 billion francs, which the lender is due to cover itself. The deal comes with various conditions, including the bank’s commitment to keeps its headquarters in Switzerland, the government said in a statement.
Valuations of the losses are expected to be made available during the third quarter of 2023, the government said, while their scale was “highly dependent on the actual winddown of the assets concerned and market developments.” “Consequently, it is not yet possible to estimate the probability of the guarantee being drawn and the amount involved,” the government said.
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