Home » UBS finalises transfer of Credit Suisse securitisation business to Apollo – SWI swissinfo.ch

UBS finalises transfer of Credit Suisse securitisation business to Apollo – SWI swissinfo.ch

UBS finalises transfer of Credit Suisse securitisation business to Apollo – SWI swissinfo.ch



Under the new deal, announced on Wednesday, Apollo Global Management 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


KEYSTONE/© KEYSTONE / ENNIO LEANZA

UBS Group and Apollo Global Management have reached an agreement regarding the carveout of Credit Suisse’s former securitised products business.

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.

+ Did the Swiss government do enough to save Credit Suisse?

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.

+ UBS job cuts in Switzerland to be based on ‘meritocracy’

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

This news story has been written and carefully fact-checked by an external editorial team. At SWI swissinfo.ch we select the most relevant news for an international audience and use automatic translation tools such as DeepL to translate it into English. Providing you with automatically translated news gives us the time to write more in-depth articles.

If you want to know more about how we work, have a look here, and if you have feedback on this news story please write to english@swissinfo.ch.


External Content





Your subscription could not be saved. Please try again.


Almost finished… We need to confirm your email address. To complete the subscription process, please click the link in the email we just sent you.