UBS to Make Several Billion Swiss Francs Available for SMEs

(Bloomberg) --

UBS Group AG is making “several billion” Swiss francs available to small and mid-sized companies as it backs Switzerland’s measures to help businesses hit by the coronavirus pandemic.

The bank will provide liquidity to smaller Swiss corporate clients “who find themselves in need through no fault of their own,” the lender said in a statement late Friday. Amortization payments or leasing rates can be temporarily suspended for businesses “particularly hard hit.”

Switzerland yesterday announced a further 32 billion francs ($32 billion) in aid, increasing its support to the equivalent of 6% of economic output. Chief Executive Officer Sergio Ermotti said UBS supports the government’s “comprehensive package of measures.”

“We are aware of our responsibility and continue to stand by our clients as a reliable partner,” Ermotti said in the statement.

UBS said it’s streamlining internal processes to speed up that support, and its services will continue to be fully available to clients.

For more: Grimmest Day of Pandemic Has Europe Groping for Answers

Chief Financial Officer Kirt Gardner said earlier this week that UBS can withstand a “severe stressed scenario” in global markets and economies after years of building up its capital buffers.

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