The Swiss government yesterday turned a SFr1.2bn ($1.1bn) profit on its 10-month investment in UBS, in what bankers involved called a “private equity style” return.
The deal had been expected after this week's settlement of a long and bitter tax dispute between the bank and the US authorities, and leaves UBS free of government influence and focused fully on its own affairs.
Bern received almost SFr5.5bn for the SFr6bn in mandatory convertible notes it bought in October as part of a government bail-out of Switzerland's biggest bank.
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