UBS Questions Credit Suisse’s Sale of Divisions to Apollo
Published: Tuesday, Sep 5th 2023, 19:40
Mise à jour le : Vendredi, 13 octobre 2023, 14:12
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The UBS is reportedly questioning the sale of Credit Suisse's Structured Products Group (SPG) to US firm Apollo Capital. UBS management is considering options to renegotiate parts of the complex deal, according to sources familiar with the matter. UBS is reportedly unhappy with some of the terms of the sale to Apollo, particularly the fees Apollo will receive for managing the structured products that remain on Credit Suisse's books. It is yet to be decided whether UBS will pursue formal talks with Apollo. The SPG sale was a last-ditch effort by Credit Suisse's leadership to regain investor trust, and was expected to be completed in the first half of 2023. In February, a "substantial first closing" was announced, but only a few weeks later UBS took over Credit Suisse in a state-orchestrated rescue operation.nnnnnnnnnnnnnnnnnnnnnnnn
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