UBS Says It Should Face No Liability on Credit Suisse AT1 Ruling

UBS Group AG said it doesn’t expect to face any financial liabilities from a Swiss court ruling cancelling the controversial write-down of Credit Suisse bonds that formed a major part of its takeover deal in 2023.

“In our view there should be no liability in this matter,” the bank said in a Q&A it published on its website on Wednesday. “As a consequence, there is no need to record a provision.”

UBS said on Wednesday it intends to appeal the Swiss Federal Administrative Court’s decision earlier this month, which revoked — though didn’t reverse — regulator Finma’s writedown of AT1 ...