Swiss Banking News: February 2009

10.02.2009 UBS AG announced financial results for the fourth quarter of 2008. The bank reported a fourth quarter loss of CHF 8.1 billion – down from a net profit of CHF 296 million. Also, excluding certain substantial items, adjusted net operating results were negative CHF 2.8 billion. UBS reported a full-year loss of CHF 19,697 million. Total operating expenses were down 22% as personnel expenses decreased 36% to CHF 16,262 million from CHF 25,515 million.
The Investment Bank recorded a pre-tax loss of CHF 7,483 million, compared with a pre-tax loss of CHF 2,748 million in the prior quarter.
UBS's capital ratio remained strong with a year-end tier 1 ratio of 11.5% and total capital adequacy ratio of 15.5%.
During fourth quarter 2009, UBS continued its balance sheet reductions and reduced significantly its trading portfolio and collateral trading assets by a further CHF 269 billion. According to the near-term outlook, UBS will continue its program to strengthen its financial position through reductions in risk positions, risk weighted assets, total assets and operating costs.

20.02.2009 The CSA Real Estate Switzerland Investment Group, being open for subscription from January 19 to February 6, 2009, faced extremely high demand from investors, as a result of which the fixed maximum volume of CHF 200 million was oversubscribed at an amount of CHF 1,072 billion. So, the interest of investors about the subscription was five times higher than it was expected.
CSA RES Investment Group expects the next opening to take place in the second quarter of 2009, depending on the progression of property purchases and projects.
In January 2009, the CSA Real Estate Investment Group for the first time had more than four billion CHF in total assets. The group was opened for investors for the first time since it had been closed for subscriptions in January 2004.