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Switzerland gave UBS, the European bank with the biggest losses from the credit crisis, a US$59.2-billion (Bt2 trillion) bail-out and pushed the Credit Suisse Group to raise funds, joining authorities around the world in shoring up banks.

UBS will receive 6 billion francs (Bt182 billion) from the Swiss government and put as much as $60 billion worth of risky assets into a fund backed by the central bank, the Zurich-based company said. The Credit Suisse Group raised 10 billion francs from investors, including Qatar and Tel Aviv, Israel-based Koor Industries.

Switzerland is the last of the world's financial centres to pour cash into ailing financial institutions after losses on bad debts reached $647 billion globally and credit markets froze. The Swiss government plans to raise deposit guarantees and is ready to back the short- and medium-term interbank loans of the nation's banks after countries across Europe took similar measures.

"At last, the Swiss are doing something," said Peter Thorne, an analyst at Helvea in London.

"They risked getting left behind by their European rivals and paying the price for slowness."

UBS rose 40 centimes, or 2 per cent, to 20.48 francs late yesterday morning in Swiss trading after falling as much as 10 per cent. The stock has declined 56 per cent this year, compared with a 52-per-cent drop in the 69-company Bloomberg Europe Banks and Financial Services Index. Credit Suisse, which reported a third-quarter loss, rose 3.28 francs, or 7.2 per cent, to 49.18 francs.

UBS will sell 6 billion francs in mandatory convertible notes to the government. After conversion, the Swiss government will own 9.3 per cent of the bank, UBS said.

The Swiss National Bank (SNB), the country's central bank, will support the fund holding the risky assets with as much as $54 billion in loans, the government said. The SNB will receive interest on the loans and to a share in any profits.