Switzerland : UBS announces successful completion of public tender offer.
This transaction is consistent with our proactive approach to reducing our balance sheet and future interest expense while maintaining our strong liquidity, funding and capital position.
As per our 2 December 2013 announcement, the transaction will reduce our BIS Basel III phase-in total capital ratio by approximately 0.4%. UBS incurred a small loss of around CHF 75 million on this transaction, which we expect to recover within approximately one year through the reduction in future interest expense. The repurchase of the tier 2 bonds does not affect our industry-leading Common Equity Tier 1 ratio, and the small loss from the transaction has an insignificant effect on it.
UBS Investment Bank acted as Lead Dealer Manager.
2013 Al Bawaba (Albawaba.com) Provided by Syndigate.info , an Albawaba.com company
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|Date:||Dec 19, 2013|
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