UBS will receive to $10 billion state support in connection with losses on assets of Credit Suisse Group AG

UBS finalized the agreement with Federal council Switzerland on which will receive to 9 billion Swiss francs ($10 billion) for protection against Credit Suisse Group AG losses, writes newspaper "The Financial Times". The newspaper calls the agreement the last barrier to UBS before the completion of acquisition of Credit Suisse Group AG. The document is directed on a covering of the losses connected with elimination of unnecessary assets competing banks. State support will start working after UBS will cover the first 5 billion francs of losses. In March it was declared that UBS will buy appeared in the difficult financial...