(MENAFN- Swissinfo) UBS Group and Apollo Global Management have reached an agreement regarding the carveout of Credit Suisse's former securitised products business.
This content was published on March 27, 2024 - 09:05 2 minutes Keystone-SDA
Under the new deal, announced on Wednesday, Apollo will purchase from UBS $8 billion of“senior secured financing facilities” as part of the Swiss bank's efforts to wind down its non-core legacy portfolio. UBS acquired Credit Suisse in 2023.
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UBS has combined all areas that are to be divested in the course of the Credit Suisse integration and restructuring in a unit called LCL (Non-Core and Legacy). A large part of the former Credit Suisse investment banking business is to be wound up.
The transaction is expected to result in a net gain of around $300 million for UBS in the first quarter of 2024 and a net loss of around $900 million for Credit Suisse AG over the same period.
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Commenting on the transaction, UBS CEO Sergio Ermotti declared:“This another example of our relentless focus on working with clients and counterparties to free up capital from non-core activities and reducing costs and complexity.”
Adapted from French by DeepL/sb
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