ZURICH, June 9 (Reuters) – The Swiss Finance Ministry is in talks with various parties to discuss options for its investment in UBS (UBS.N)(UBSN.VX) but has not yet decided to convert its notes into shares or sell them, it said on Tuesday.
ZURICH, June 9 (Reuters) – The Swiss Finance Ministry is in talks with various parties to discuss options for its investment in UBS (UBS.N)(UBSN.VX) but has not yet decided to convert its notes into shares or sell them, it said on Tuesday.
Berne agreed last October to give UBS a badly-needed 6 billion Swiss francs ($5.47 billion) cash injection in exchange for mandatory convertible notes (MCN) that would give it a stake of 9.3 percent in the bank. The lockup period for conversion of the notes ends on Tuesday.
A decision on what the government would do with the notes would be taken at the appropriate time, the ministry said.
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It reiterated that the government only planned to stay involved for a limited time and said its main objectives were ensuring a stable finance system and the greatest possible recouping of the government’s investment.
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