UBS Group AG is considering selling Credit Suisse’s investment bank unit in Turkey as it scales back operations of the former rival that don’t fit its business model, according to people familiar with the matter.
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Bloomberg
The Swiss lender is currently holding talks with potential buyers to evaluate interest in the business, said the people, asking for anonymity discussing internal deliberations.
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Who’s to blame for the demise of Credit Suisse?
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The final months of the doomed Credit Suisse bank are a hot topic of discussion Switzerland. Who is to blame?
Separately, it also started a process to carve out Credit Suisse’s wealth management operations in the country, though it has yet to decide on the future of that business, said some of the people. It aims to complete the process before the legal merger of the two banks is finalised, which is expected in the second quarter, they said.
A spokesperson for UBS declined to comment.
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UBS is scaling back Credit Suisse units, particularly the investment bank, as it seeks to cut risk following the government-brokered takeover. International brokerages have been exiting Turkey or downsizing in the country, with firms such as Morgan Stanley, Citigroup Inc. and JPMorgan Chase & Co. cutting staff in Istanbul or shutting down trading or research units in the past few years.
UBS decided to close its own equity brokerage in Turkey in 2017 as part of cost cutting plans. The Swiss bank still has wealth management operations in the region.
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Nature magazine: scientific breakthroughs in medicine and space travel in 2025
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The science magazine Nature expects breakthroughs in mind-reading machines, new weight-loss drugs, and particle physics in 2025.
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SWISS plane in Graz: employee still in intensive care
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The cabin crew member of the SWISS Airbus A220 which made an emergency landing in Graz, Austria, on Monday is still in intensive care.
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UBS seeks to sell loans Credit Suisse gave to junk Italian firms
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UBS Group is planning to sell its exposure to a portfolio of loans that Credit Suisse made to junk-rated Italian companies.
Credit Suisse parliamentary inquiry files criminal complaint on leaks
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Switzerland's parliamentary inquiry into Credit Suisse's collapse and takeover by UBS has had filed a criminal complaint in a bid to clamp down on leaks.
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