UBS weighs options for sale of Credit Suisse's Swiss unit:
UBS is reviewing options for Credit Suisse's Swiss bank, including potentially keeping the unit's ...
reuters.com/business/finance/ubs-weighs-options-sale-credit-suisses-swiss-unit-sources-2023-05-04/
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Sources: UBS reviews options for Credit Suisse’s Swiss businessTwo people familiar with the matter said UBS may retain the investment-banking operations and sell the rest.
Key FactsMay 4, 2023 · Reading time: ~30 sec.
Summary created with AI assistance · Source: reuters.com
Summary created with AI assistance · Source: reuters.com
- UBS is studying an IPO of Credit Suisse’s Swiss banking business after the takeover, according to anonymous sources.
- A further source said the review was at an early stage; UBS was focused on completing the takeover, and a decision could take months.
- UBS CEO Sergio Ermotti said Wednesday the bank was working to complete the merger by the end of May or early June.
- Credit Suisse’s Swiss unit reported 1.5 billion Swiss francs ($1.7 billion) in pre-tax income in 2022.
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UBS weighed Credit Suisse deal as early as December: UBS (UBSG.S) was considering the potential impact of buying struggling rival Credit Suisse (CSGN ...
reuters.com/business/finance/ubs-wary-buying-credit-suisse-february-wanted-more-analysis-sec-filing-2023-05-03/
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Key FactsErmotti expected to lead UBS through Credit Suisse integration
Apr 1, 2023 · Reading time: ~45 sec.
Summary created with AI assistance · Source: nzz.ch
Summary created with AI assistance · Source: nzz.ch
- The state-backed takeover of Credit Suisse leaves UBS as Switzerland’s only major bank, albeit a much larger one.
- According to the article, Ermotti’s central task would be to implement the CS takeover quickly, including winding down toxic investment-banking operations and combining the wealth-management businesses.
- UBS management has so far directed growth mainly toward Asia and the United States, while the article portrays Swiss business as receiving less attention.
- The article warns that, because the merged bank is now a showcase for the financial centre, its success or failure could affect Switzerland’s financial reputation.
The (new) bank will only succeed if it grows. Absolutely! As soon as it is split into four parts.— Sergio Ermotti, UBS CEO, in the article about the bank's future (comment on growth and potential break-up).
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