Agreement to waive profit margin from COVID 19 assistance program loans
Commitment to contribute to concrete projects for the benefit of the community
Zurich, 25 March 2020 – As previously announced, UBS is supporting the emergency measures announced by the Federal Council to support Swiss small and medium-sized enterprises (SMEs) in conjunction with other Swiss banks. In addition, UBS is providing liquidity of several billion for its clients with an intact business model and enabling the suspension of amortization.
In addition, UBS has decided to waive the profit margin from interest on these loans. The money will go to an aid fund to support specific projects for the benefit of the community.
Sergio P. Ermotti, Group Chief Executive Officer: "We support the initiative of the Federal Council. We are, and want to continue to be, part of the solution. UBS does not want to earn anything from this initiative – all profits will be contributed to an aid fund for various projects in Switzerland. In addition to the many other social engagements worldwide, we will provide an additional USD 30 million for Swiss and global COVID aid projects."
Axel P. Lehmann, President UBS Switzerland: "We are aware of our social responsibility to support Swiss SMEs with a special effort in this challenging time. Now it is important to help quickly and unbureaucratically. All our employees are motivated and well prepared to handle the enquiries in an efficient manner."
It goes without saying that UBS services will continue to be fully available to all their clients. Client advisors as well as customer service lines are available as usual for questions and concerns. In addition, UBS offers its well-known comprehensive digital service: banking transactions can be carried out at any time via UBS E- and Mobile Banking and the UBS apps.
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