UBS expects to finalize its agreement with the Swiss government to cover up to 9 billion Swiss francs ($9.92 billion) in losses from its emergency takeover of Credit Suisse by June 7, the Swiss bank said in a regulatory filing published on Tuesday.
Under the terms of the takeover orchestrated by Swiss authorities in March, UBS committed to cover the first 5 billion francs in potential losses while the government agreed to shoulder up to 9 billion francs on top of that.
"Any further loss guarantee exceeding CHF 14 billion, which was not included as part of the Special Ordinance, requires a separate legal basis in the form of a parliamentary approval in the ordinary legislative procedure as well as the commitment credit," the SEC filling said. The SEC document, which was dated June 5, reiterated that the UBS expected to complete the deal in the second quarter of 2023. TheThe filing also said that UBS was engaged in discussions with Switzerland's financial regulator, FINMA, on the capital and liquidity requirements for the combined bank.
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