Source: Swiss govt cashes in on sale of UBS stake

LONDON/ZURICH: Switzerland sold its stake in its largest bank, UBS, for 5.5 billion Swiss francs ($5.1 billion), a source said yesterday, making a profit from last year's rescue deal.

The sale of the 9 percent stake comes a day after the country agreed to reveal the names of thousands of UBS's rich American clients to Washington, settling a tax-avoidance dispute that dented its prized banking secrecy.

The US warned it was now setting its sights on other institutions and individuals involved in hiding assets from the taxman.