UBS AG (UBSN) increased its so-called sovereign “exposure” to France and Italy in the first quarter, according to presentations on the Zurich-based bank’s website.

UBS raised its French exposure, net of hedges, to 4.52 billion Swiss francs ($4.97 billion) from 3.61 billion francs at the end of last year, according to the documents.

The Swiss bank had a net sovereign exposure to Italy of 1.97 billion francs, from 951 million francs in the fourth quarter.

Its exposure to Spain was 40 million francs, up from 6 million francs.

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