ZURICH--UBS AG (UBS) said Monday said it will buy back certain outstanding bonds for cash for approximately 2.15 billion Swiss francs ($2.38 billion) to reduce its balance sheet and strengthen its capital position.
Switzerland's largest bank said the transaction will reduce its BIS Basel III phase-in capital ratio by 0.2% to 0.5%, and while it will incur a small loss on this transaction, it expects to recover it through lower interest-rate payments.
"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," it said in a statement.
UBS said the cash tender offer period will end on 13 December 2013, unless extended, re-opened or earlier terminated as provided in the tender offer memorandum.
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(END) Dow Jones Newswires
December 02, 2013 01:37 ET (06:37 GMT)Copyright (c) 2013 Dow Jones & Company, Inc.
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