Switzerland's UBS to buy back risky asset fundJuly 30, 2013 @ 1:34 am
BERLIN (AP) - Swiss bank UBS says it plans to buy back a fund set up during the 2008 financial crisis into which it offloaded high-risk assets.
UBS AG says it expects to exercise an option to buy the so-called StabFund from the Swiss National Bank in the fourth quarter. It says the move will boost its capital position.
The fund purchased $38.7 billion in UBS assets using money provided by the central bank _ less than foreseen in the bailout package originally designed by the government, which reserved $54 billion to help UBS dispose of high-risk securities.
Tuesday's announcement came as UBS released its second-quarter earnings report, confirming that it earned 690 million francs ($743 million), up from 524 million francs a year earlier. Earnings at its investment bank leapt.
(Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.)
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