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UBS ends €9.4 billion Swiss state backstop that helped seal merger

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The move is considered a sign that the integration of Credit Suisse is on track

UBS Group AG decided to end an agreement with the Swiss government to cover losses it could incur from the rescue of Credit Suisse, in a sign that the mammoth integration is on track and the stricken lender’s assets might be less troublesome than initially feared. The takeover was formally completed in June.

Switzerland’s biggest bank said Friday it had voluntarily terminated the 9 billion franc Loss Protection Agreement with the Swiss government ...

 

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