UBS sees no need for provision on Credit Suisse AT1 case

ZURICH, Oct 29 (Reuters) - UBS UBSG.S said on Wednesday it does not see a need to book a provision in relation to the case of billions of dollars worth of Credit Suisse AT1 bonds that were written off before UBS acquired its stricken former rival in 2023.

The bank made the statement after a court ruled this month that a decision by the Swiss financial market regulator to order the write-off of the AT1 bonds was unlawful, throwing into question who might ultimately become liable for the debt.

"In our view there should be no liability in this matter," UBS said in a statement. "As a consequence, there is no need to record a provision."