SWISS GOVERNMENT TAKES 9% STAKE AS UBS TRIES TO RESTORE CREDIBILITY

The Swiss government is investing SFr6bn ($5.3bn) for a 9.3 per cent stake in the bank, which is the world's biggest wealth manager. UBS in turn will use the money to finance its share of a SFr60bn vehicle being created by the Swiss National Bank to hold most of UBS's toxic credits, mainly securities linked to US mortgages.

The unexpected move came as Credit Suisse, UBS's arch rival, said it had declined government assistance in favour of raising SFr10bn from three investors, including Qatar's sovereign wealth fund.

The UBS decision was criticised by parliamentarians from both the left and the right, who disapproved of using of state funds to aid a private company.

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