Switzerland pocketed Sfr1.2bn (€792m) as it sold its investment in UBS, making it the first government in Europe to declare that a major crisis-hit bank was fit enough to have state ownership withdrawn.

The move comes less than a year after Switzerland pumped Sfr6bn into the lender as part of a rescue package. UBS was one of the worst-hit banks during the crisis and has written down about $50bn in the value of so-called toxic assets.