The logos of Swiss banks Credit Suisse and UBS on March 16, 2023 in Zurich, Switzerland.
Arnd Wiegmann | Getty Images News | Getty Images
UBS on Friday said that it has ended a 9 billion Swiss franc ($10.27 billion) loss protection agreement and a 100 billion Swiss franc publicly liquidity backstop that were put in place by the Swiss government when it took over rival Credit Suisse in March.
UBS said the decision was made following a “comprehensive assessment” of Credit Suisse’s non-core assets that were covered by the liquidity support measures, put in place as the banking giant rescued its domestic rival in a deal brokered by the Swiss government, central bank and regulator.
This is a breaking news story and is being updated.
Source link: https://www.cnbc.com/2023/08/11/ubs-ends-credit-suisse-dependence-on-swiss-central-bank-loan.html