UBS Posts Higher Net, Plans to Buy Back Fund From SNB

UBS AG, the Swiss bank bailed out in 2008, plans to buy back the fund set up by the central bank during the financial crisis that helped it shed toxic assets.

UBS climbed as much as 3.2 percent in Zurich trading after saying the purchase of the fund, which had $10.8 billion of assets and $5.5 billion of equity at the end of 2012, would increase its capital ratios. Net income rose by 32 percent in the second quarter from a year earlier, UBS also said today.