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UBS picks up AIG business

UBS said on Monday that it was buying the commodity index business of insurer American International Group for up to $150 million (SFr168 million).

Switzerland's largest bank said it would pay $15 million for AIG's product platform of commodity index swaps and funded notes. Swaps are investment instruments that in financial institutions use to hedge risk.

UBS will make payments of up to $135 million over the following 18 months depending on future earnings. It said the deal was subject to regulatory and other conditions.

New York-based AIG is in the process of restructuring its business after receiving a substantial cash infusion from the US government last year.

UBS was bailed out by the Swiss government in the autumn, with the country's federal government taking a minority stake in the bank.

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