The Swiss government sold its CHF 6 billion stake in UBS in late 2008 at a large profit; Switzerland had purchased convertible notes in 2008 to help UBS clear its balance sheets of toxic assets.[158] Taking advantage of improved conditions in the stock market in mid-2009, UBS placed US$3.5 billion of shares with a small number of large institutional investors.[159] Oswald Grübel announced, "We are building a new UBS, one that performs to the highest standards and behaves with integrity and honesty; one that distinguishes itself not only through the clarity and reliability of the advice and services it provides but in how it manages and executes."[160] Grübel reiterated plans to maintain an integrated business model of providing wealth management advisory, investment banking, and asset management services.[161]