UBS, Swiss government agree on Credit Suisse loss guarantee

ZURICH -UBS and the Swiss government signed on Friday an agreement to cover up to 9 billion Swiss francs ($10 billion) in losses from its emergency takeover of Credit Suisse, the country's largest bank and the government said. The deal comes with various conditions, including a requirement that UBS keeps its headquarters in Switzerland, the government said in a statement. The loss protection agreement (LPA) will become effective with the completion of Credit Suisse takeover, expected as early as June 12, UBS said in a separate statement. The guarantees will kick in if UBS incurs losses from the sale of Credit Suisse assets beyond 5 billion francs that the lender is due to cover ...

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