UBS aims to cut its ties with the Swiss government by buying its way out of a “bad bank” deal and to return to health in a year, Oswald Grübel, chief executive, told the FT. The bank has clashed with Finma, the Swiss financial watchdog, over its desire to leave the bad bank scheme, which charges heavy fees for protection against losses on toxic assets. UBS wants to take the $23.5bn of assets back on its balance sheet but, Grubel conceded, may not be able to do so before the second half of 2010.

This entry was posted by Gwen Robinson on Tuesday, September 29th, 2009 at 4:58 and is filed under Capital markets, People. Tagged with oswald grubel, ubs. Edit this entry.