UBS buys back ‘bad bank' from Swiss central bank

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Switzerland's biggest lender is buying back the 'bad bank' set up by the country's monetary authorities to absorb its toxic assets at the height of the financial crisis.

UBS signed a deal with the Swiss National Bank (SNB) yesterday to repurchase the so-called ‘StabFund', exercising an option agreed on by the parties in October 2008.

The sale is generating a profit of $3.762 billion for the SNB, impacting favourably on its annual results, the central bank said in a statement. The amount correspo

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