UBS weighs options for sale of Credit Suisse's Swiss unit, say sources

FRANKFURT, May 4 ― UBS is reviewing options for Credit Suisse's Swiss bank, including potentially keeping the unit's investment banking operations while selling the rest, two people familiar with the matter told Reuters.

The considerations are at an early stage as UBS is focused on completing that takeover and it may not make a final decision on whether to pursue an IPO for months, another person said.UBS is racing to complete the state-backed rescue takeover of Credit Suisse that will create a banking giant overseeing more than US$5 trillion in total invested assets.

Credit Suisse's Swiss bank is one of the lender's four operating units and is seen as the jewel in the crown. The unit reported pre-tax income of 1.5 billion Swiss francs in 2022. The two Zurich-based neighbours for decades have competed head-to-head for mergers and share sales across the world and UBS, which has lagged behind Credit Suisse in dealmaking and share sale rankings, looks to bolster its investment banking business.

Source: News Formal (newsformal.com)

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