Breakingviews - UBS salvages most value from Credit Suisse wreck

late on Sunday, is designed to shore up confidence in the country’s financial industry rather than benefit the buyer. Even so, UBS is salvaging the most value from the wreckage.

Thanks to a competition waiver, Kelleher can even keep Credit Suisse’s domestic unit, giving UBS a dominant position in local retail and corporate banking and allowing it to extract hefty cost savings. Chief Executive Ralph Hamers reckons the bank can cut about $8 billion of annual expenses by 2027. After deducting tax at 24% and capitalising using a 10% discount rate, those savings have a net present value of about $60 billion - roughly in line with UBS’s market value before the deal.

A UBS takeover is preferable to the Swiss government nationalising Credit Suisse or winding it down. And Kelleher has improved the chances of the rewards outweighing the risks. Whether it’s enough to soothe the wider financial sector is less clear.UBS will rescue Credit Suisse in a deal worth about 3 billion Swiss francs, Swiss authorities and the two banks said on March 19.

There is no value

Is not salvaging ANY value from CS wreck a function of time?..

Is this paid advertisement with CDS at 200bp, making it the most expensive bank debt to hedge against?

🤞most of us don't need another 2008 economy crisis.

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