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Top Swiss bank UBS issues corporate credit warning

Top Swiss bank UBS issues corporate credit warning

Switzerland's biggest bank UBS warned yesterday it could be hit by more non-performing corporate loans amid the slowing Swiss economy after reporting quarterly losses of more than a billion euros.
"The real economy has continued to deteriorate, and this is expected to have negative implications for credit-related provisioning in coming quarters," said the bank in a statement detailing its first quarter losses, which reached two billion Swiss francs (1.32 billion euros, US$1.77 billion). UBS chief financial officer John Cryan said the bank was exposed to non-peforming loans through leveraged financing offered by its investment bank unit as well as through corporate financing to companies in Switzerland. "There was a general sense that there was a deterioration in corporate credit," he told journalists. Some of the provisions currently set aside relate to loans extended to small and medium-sized companies in Switzerland, he said.


Updated : 2021-05-10 01:01 GMT+08:00