UBS and Swiss Government Secure Credit Suisse Takeover with $10 Billion Loss Guarantee Deal

UBS and the Swiss government have agreed on how they will share losses linked to the bank's emergency takeover of Credit Suisse, clearing the way for the deal to close within days. Under the deal, the government will guarantee up to CHF 9bn ($9.98bn) of losses UBS may incur from the sale of its rival's assets beyond CHF 5bn the lender is due to cover itself. The loss protection agreement will become effective with the completion of the Credit Suisse takeover, expected as early as June 12.