UBS buys back ‘bad bank' from Swiss central bank
Switzerland's biggest lender is buying back the 'bad bank' set up by the country's monetary authorities to absorb its toxic assets at the height of the financial crisis.
UBS signed a deal with the Swiss National Bank (SNB) yesterday to repurchase the so-called ‘StabFund', exercising an option agreed on by the parties in October 2008.
The sale is generating a profit of $3.762 billion for the SNB, impacting favourably on its annual results, the central bank said in a statement. The amount
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