Switzerland’s central bank has said a loan it granted to bail out troubled bank UBS five years ago has been repaid.
The development means UBS can now buy back the once-toxic assets taken out of the bank at the height of the financial crisis.
The assets, worth $38.7bn (£24.7bn) at the time of the bailout, have since become profitable.
UBS, Switzerland’s biggest bank, has already said it plans to buy them back.
It described the buy-back as an “important step which will close this chapter in the firm’s history with a positive outcome”.
via BBC
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Alfonso Esparza
trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
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