(Bloomberg) -- UBS Group AG ended an agreement with the Swiss government to cover losses it could incur from the rescue of Credit Suisse.
Switzerland’s biggest bank said it will voluntarily terminate the 9 billion franc ($10.3 billion) Loss Protection Agreement with the Swiss government and the Public Liquidity Backstop with the Swiss National Bank of up to CHF100 billion, according to the statement.
The deal had helped facilitate the takeover brokered by the government in March as Credit Suisse hurtled toward bankruptcy. UBS had pushed for protection from hard-to-predict losses from a set of its former rival’s assets it plans to wind down or sell.
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