Swiss government works with UBS, Credit Suisse on aviation sector loans

Swiss government works with UBS, Credit Suisse on aviation sector loans

The Swiss government is working primarily with UBS Group and Credit Suisse on a nearly 1.9 billion Swiss franc (US$1.95 billion) package of state-backed loans for the coronavirus-hit aviation sector, it said on Wednesday.

FILE PHOTO: Logo of Swiss bank UBS is seen in Zurich
FILE PHOTO: The logo of Swiss bank UBS is seen in Zurich, Switzerland October 25, 2018. REUTERS/Arnd Wiegmann

ZURICH: The Swiss government is working primarily with UBS Group and Credit Suisse on a nearly 1.9 billion Swiss franc (US$1.95 billion) package of state-backed loans for the coronavirus-hit aviation sector, it said on Wednesday.

The government held tough negotiations with German airline group Lufthansa on maintaining levels of service and jobs before agreeing the package, with includes help for Lufthansa group carriers Swiss and Edelweiss, President Simonetta Sommaruga told a news conference in Bern.

(Reporting by Silke Koltrowitz and John Miller, Editing by Michael Shields)

Source: Reuters

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