UBS mulls moving HQ abroad, according to media report
(www.swissinfo.ch)
from fne8w2ah@lemmy.world to world@lemmy.world on 21 Mar 17:28
https://lemmy.world/post/27163891
from fne8w2ah@lemmy.world to world@lemmy.world on 21 Mar 17:28
https://lemmy.world/post/27163891
#world
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This is the same UBS that in 2018 was already bailed out once by the Swiss national bank with $6B cash plus allowed to write off $54B in bad debt to another entity.
“On October 16, the government and SNB outlined their aid plan: CHF6 billion ($6.09 billion) from the state to restore the bank’s own funds and $54 billion from the central bank to allow UBS to transfer the illiquid securities into a special stability fund – a bad bank, while waiting for better times to sell them back.” source
The Swiss government should demand full payback of that with interest if they want to leave.