UBS terminates loss protection agreement with Swiss government

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)