UBS agrees £8bn loss protection deal paving way for completion of Credit Suisse tie-up June 9, 2023 UBS has agreed a loss protection deal with Swiss authorities worth CHF9bn (£8bn), paving the way for the merger of Switzerland’s largest banks next week. Under the arrangement announced today, UBS will bear the first CHF5bn of potential losses on a defined portion of Credit Suisse’s assets. The Swiss government will then cover the next [...]
UBS expects to complete Credit Suisse deal within a week June 5, 2023 UBS expects to complete the acquisition of Credit Suisse as early as 12 June but reports suggest its next earnings statement will be delayed until the end of August. In a regulatory filing today, UBS confirmed Credit Suisse will be delisted from the Swiss stock exchange when the deal is complete. It said Credit Suisse [...]
UBS saw Credit Suisse deal as ‘not desirable’ – and could now take $17bn hit from it May 17, 2023 UBS estimates it will take a $17bn hit from the takeover of its long time rival Credit Suisse as regulatory filings reveal it never wanted the deal to take place. UBS estimates a negative impact of $13bn from fair value adjustments and $4bn in potential litigation and regulatory costs. UBS executives have previously warned that [...]
Sorry about the takeover, but welcome to the board: Suisse boss to join UBS top team May 9, 2023 Credit Suisse’s boss will join the board of UBS after it closes its rescue takeover of the Swiss banking rival. It is part of a major leadership reshuffle two months after the Government-led rescue takeover of Credit Suisse in a 3.25 billion US dollar (£2.64 billion) deal by UBS. Ulrich Korner, who joined Credit Suisse [...]
Swiss spin off? UBS set to carve up Credit Suisse after shotgun marriage April 30, 2023 As UBS’s takeover of former rival Swiss bank Credit Suisse nears completion, details are emerging of what the new merged bank will look like. UBS is working towards spinning off the Swiss part of Credit Suisse and having the business’s current head, Andre Helfenstein, run it, NZZ am Sonntag reported on Sunday. The Swiss newspaper cited a [...]
Analysis: UBS begins tricky task of integrating Credit Suisse April 25, 2023 While profit was down, analysts and investors were today far more concerned with how UBS will manage the integration of its long-time rival Credit Suisse.
UBS: Mortgage litigation hits profits but inflows soar after Credit Suisse takeover April 25, 2023 UBS reported significant inflows across the bank in the first quarter as customers sought the bank’s stability but its profit more than halved due to costs from legacy issues dating back 15 years. In the first quarter, UBS saw $28bn of new money in global wealth management, of which $7bn came in the last ten [...]
Time lapse at UBS as CRO Bluhm delays planned photography career April 24, 2023 UBS’ chief risk officer Christian Bluhm postponed plans to focus on his photography today as the bank confirmed he will stay for the “foreseeable future” to handle the acquisition of Credit Suisse. Bluhm, who has been in place since 2016, was planning to handover to Damian Vogel on 1 May. Bluhm had been hoping to [...]
“A dramatic tragedy”: Swiss parliament split on UBS takeover of Credit Suisse April 11, 2023 Swiss authorities defended the state-brokered merger of the country’s two largest banks, UBS and Credit Suisse, in an emergency parliamentary session called to scrutinise the decision. The Swiss President, Alain Berset, argued “the Federal Council was obliged to intervene to maintain stability both in Switzerland and internationally and to protect the economy.” “A failure of [...]
UBS: Credit Suisse deal poses a ‘major challenge’ – but it won’t alter bank’s strategy April 5, 2023 UBS chair Colm Kelleher said the bank’s $3.25bn acquisition of Credit Suisse would not force it to change its strategy over the next few years, but admitted the integration represented a “major challenge”. Speaking at the bank’s AGM in Basel today, Kelleher said the acquisition was “a new beginning” and brought “huge opportunities ahead for [...]