Credit Suisse’s investment bank will be a radically smaller part of the enlarged UBS Group, following the historic agreement by UBS to acquire the besieged Swiss institution in an all-shares deal worth 3 billion Swiss francs .
UBS chairman Colm Kelleher said the “emergency rescue” of Credit Suisse complimented the bank’s wealth business.Mr Kelleher welcomed the acquisition of Credit Suisse’s wealth, asset management and Swiss banking capabilities. But this means there will be little room for the riskier leveraged lending and investment banking activities that Credit Suisse is known for in Australia and around the world.
Mr Hamers said: “It is an important factor in the way we refocus that investment bank. That will be quite some work.”As expected, UBS executives told analysts and investors that the takeover would help it become an “even bigger wealth manager” globally with a network of roughly 5 trillion Swiss francs of private money.
UBS’ customer deposits would increase to about 333 billion Swiss francs from 167 billion Swiss francs on a pro-forma basis, while its loan book would jump to 307 billion Swiss francs from 143 billion Swiss francs, the bank said in its presentation.
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