<p>UBS Group AG is aiming to avoid using a $10 billion backstop for Credit Suisse amid a backlash, the <em>Financial Times</em> reported on Sunday.</p>.<p>UBS executives are hoping to announce that the bank will not call on the government backstop when it publishes its second-quarter results on Aug 31, the report added.</p>.<p>UBS declined to comment while Credit Suisse did not immediately respond to Reuters' request for comment.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/merger-raises-hdfc-banks-total-business-to-over-rs-41-lakh-crore-1233137.html" target="_blank">Merger raises HDFC Bank's total business to over Rs 41 lakh crore</a></strong></p>.<p>In June, UBS reached an agreement with the Swiss government under which the government will guarantee up to ₣9 billion ($9.98 billion) of losses UBS may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself.</p>.<p>The government's and UBS' priority was to "minimise potential losses and risks so that recourse to the federal guarantee is avoided to the greatest extent possible," the government said.</p>.<p>Valuations of the losses are expected to be made available during the third quarter of 2023, the government said.</p>.<p>Chief Executive Sergio Ermotti has said UBS' leadership would do everything possible to prevent Swiss taxpayers from bearing the costs of the take over.</p>
<p>UBS Group AG is aiming to avoid using a $10 billion backstop for Credit Suisse amid a backlash, the <em>Financial Times</em> reported on Sunday.</p>.<p>UBS executives are hoping to announce that the bank will not call on the government backstop when it publishes its second-quarter results on Aug 31, the report added.</p>.<p>UBS declined to comment while Credit Suisse did not immediately respond to Reuters' request for comment.</p>.<p><strong>Also Read: <a href="https://www.deccanherald.com/business/business-news/merger-raises-hdfc-banks-total-business-to-over-rs-41-lakh-crore-1233137.html" target="_blank">Merger raises HDFC Bank's total business to over Rs 41 lakh crore</a></strong></p>.<p>In June, UBS reached an agreement with the Swiss government under which the government will guarantee up to ₣9 billion ($9.98 billion) of losses UBS may incur from the sale of its rival's assets beyond 5 billion francs the lender is due to cover itself.</p>.<p>The government's and UBS' priority was to "minimise potential losses and risks so that recourse to the federal guarantee is avoided to the greatest extent possible," the government said.</p>.<p>Valuations of the losses are expected to be made available during the third quarter of 2023, the government said.</p>.<p>Chief Executive Sergio Ermotti has said UBS' leadership would do everything possible to prevent Swiss taxpayers from bearing the costs of the take over.</p>