SWITZERLAND - UBS and the Swiss National Bank (SNB) have entered into a US$60bn agreement to "materially de-risk and reduce" UBS' balance sheet with a transfer of illiquid securities to a separate fund.
UBS will also raise CHF6bn (US$5.3bn) of new capital though mandatory convertible notes, which will be placed with the Swiss Confederation. Completing the transaction will reduce UBS' net risk ...
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