UBS Group AG will likely shrink Credit Suisse Group's $10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.
$10 billion shipping portfolio that it inherited as part of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.
UBS could also try to sell the portfolio, but doing so could prompt owners to move their accounts elsewhere, the WSJ reported, citing people familiar with the matter. About half of the shipping portfolio involves Greek ship owners that use their deposits in the bank's wealth management arm as collateral to finance new ships, the report added.
"Our wealth management business in Greece is an integral part of our strategy in the Europe region and one we are looking to grow, having recently announced a new market head to support those ambitions," UBS said in an emailed statement to Reuters.Swiss authorities announced last week that UBS had agreed to buy its rival Credit Suisse in a merger aimed at containing a crisis of confidence that was spreading through global banking.
Reporting by Jyoti Narayan and Anirudh Saligrama in Bengaluru; Editing by William Maclean, Kirsten Donovan and Richard Chang
Argentina Últimas Noticias, Argentina Titulares
Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.
Credit Suisse's investment bankers brace for job cuts after UBS rescueCredit Suisse's investment bankers are so concerned about cuts, employees are being told to look for new jobs. 'They encouraged it.'
Leer más »
'A financial banana republic': UBS-Credit Suisse deal puts Switzerland's reputation on the lineThe demise of banking giant Credit Suisse sent shockwaves through financial markets and appears to have dealt a blow to Switzerland's reputation for stability.
Leer más »
Anxious Credit Suisse staff flood recruiters amid UBS sale: reportRecruiters worldwide are inundated with calls from anxious Credit Suisse bankers seeking new jobs amid the UBS takeover, report says
Leer más »
UBS set for talks with Michael Klein to terminate Credit Suisse investment bank deal - FTUBS is set to enter talks with Michael Klein to terminate a deal that would have seen the Wall Street dealmaker take control of much of Credit Suisse's investment bank, the Financial Times reported on Tuesday.
Leer más »
UBS and Credit Suisse's wealth business merger will be awkwardUBS will become a Swiss wealth behemoth after buying Credit Suisse, but blending the two rivals could get awkward and messy
Leer más »
$10-a-barrel oil price plunge should bring relief at gas pumpWhat a difference a year makes. Gas prices are projected to fall over the coming weeks thanks to renewed recession fears, analysts say. Last year at this time, prices were skyrocketing amid supply …
Leer más »