ZURICH: UBS won't need the government guarantee it secured to rescue failing rival Credit Suisse and has repaid billions of Swiss francs in emergency loans, freeing it of taxpayer-backed funding, Switzerland's biggest bank said on Friday .
As of July, a 43 billion franc emergency liquidity assistance loan with the central bank remained outstanding, a person familiar with the matter said. "The early voluntary repayment could potentially also help in other matters, such as negotiating the retention of the Credit Suisse Swiss business, in our view," Citi analyst Andrew Coombs said.for a knockdown price of 3 billion francs and up to 5 billion francs in assumed losses in a rescue orchestrated by Swiss authorities with Switzerland's second-largest bank on the edge of collapse.
The rescue created a Swiss banking and wealth management giant with a US$1.6 trillion balance sheet and was the biggest banking deal since the 2008 financial crisis.
Source: Loan Digest (loandigest.net)
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