UBS Group AG Chairman Colm Kelleher said that the Swiss lender is “determined” to keep hold of Credit Suisse Group AG’s local business after the takeover.
(Bloomberg) —
UBS Group AG Chairman Colm Kelleher said that the Swiss lender is “determined” to keep hold of Credit Suisse Group AG’s local business after the takeover.
Kelleher said that the Swiss Universal Bank is a valuable asset, according to comments made at a press conference on Sunday announcing the historic deal.
The SUB has in recent years been a profitable anchor while the rest of Credit Suisse has lurched from crisis to crisis. The unit is worth at least 10 billion Swiss francs ($10.8 billion,) say analysts at JPMorgan Chase & Co., higher than the group’s market value as per Friday. It was the only one of Credit Suisse’s four main divisions to make money last year.
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