Swiss banking giant UBS may get more state aid
Tuesday, 25 November 2008
ZURICH, Nov 24 (AFP): Swiss authorities said they may inject more money into UBS a month after offering the country's largest bank tens of billions of dollars in aid, according to remarks published yesterday.
"We must ask the question if whether our measures were sufficient," Swiss Federal Banking Commission head Daniel Zuberbuehler told the weekly Sonntagszeitung.
"If the situation gets worse, we must...proceed with a new capital increase," Zuberbuehler said, adding that another state intervention "was not excluded."
But he dismissed speculation about a merger between UBS and the country's second largest bank Credit Suisse, saying such a deal was likely to create more problems than it would solve.
"We must ask the question if whether our measures were sufficient," Swiss Federal Banking Commission head Daniel Zuberbuehler told the weekly Sonntagszeitung.
"If the situation gets worse, we must...proceed with a new capital increase," Zuberbuehler said, adding that another state intervention "was not excluded."
But he dismissed speculation about a merger between UBS and the country's second largest bank Credit Suisse, saying such a deal was likely to create more problems than it would solve.