Switzerland's government said today that it completed the sale of its stake in UBS, generating a profit of around 1.2 billion Swiss francs (1.12 billion dollars), dpa reported. The government bought a 6 billion-franc stake in the banking titan last year when it required a bailout to stay afloat. It sold the 332.2 million shares for 16.50 francs per share to institutional investors in Switzerland and abroad, according to a statement. The day before, Bern and Washington reached a deal which would see UBS, which was facing a law suit over tax issues in the United States, hand over data on 4,450 clients, in what analysts have seen a crack in the Alpine country's banking secrecy laws. UBS's shares on the Zurich exchange have climbed since the deal was announced, and the subsequent government decision to exit the bank deeming it in a stable situation. The stock was trading at 17.26 francs in the late afternoon, up 3.11 per cent since the market opened.
