UBS said Friday it has shut down rescue packages agreed with Swiss authorities that made available up to 200 billion Swiss francs (about USD 230 billion) to help shepherd through its takeover of ailing rival Credit Suisse and avert an international banking crisis.
The Zurich-based banking giant, which completed the takeover on June 12, said it had moved to “voluntarily terminate” rescue programmes that aimed to help mop up billions of losses and provide liquidity to the banks as they moved forward on the complex deal.
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