UBS Rules Out Swissair-Style Rescue Action - Report

DOW JONES NEWSWIRES

ZURICH -- Swiss bank UBS AG (UBS) won't take part in any further major intervention for troubled Swiss companies, Chief Executive Peter Wuffli said in an interview with the L'Agefi newspaper.

Wuffli, in an interview published Friday, said: "We don't see ourselves as a white knight of Swiss economy. We can't contribute to the financing of whatever corporate restructuring program there is in Switzerland."

UBS a year ago participated in the rescue of Swissair .

Wuffli said the Swissair intervention was a one-off participation due to the economic and emotional implications of a collapse of the Swiss carrier.

UBS and Credit Suisse Group (Z.CSG), along with the Swiss government, last year resuscitated the Swiss airline industry by injecting billions of Swiss francs into Swiss International Air Lines Ltd. (Z.SWI), the successor company of Swissair . UBS holds 10.5% in the new company; Credit Suisse has 10% and the government holds 20.5%.

-By Martin Gelnar, Dow Jones Newswires; +41 1 212 2181;