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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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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How to buttress Switzerland against banking failure
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How can lawmakers and regulators prevent another financial crisis in Switzerland?
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.
What factors should be taken into account when inheriting Swiss citizenship abroad?
Should there be a limit to the passing on of Swiss citizenship? Or is the current practice too strict and it should still be possible to register after the age of 25?
Swiss Senate committee wants to stop UNRWA funding
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Switzerland should stop payments to the United Nations Relief and Works Agency for Palestine Refugees (UNRWA) immediately, according to a Senate committee.
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Wind generated 160 million kilowatt hours (kWh) of electricity across Switzerland last year, according to the Swiss Wind Energy Association (Suisse-Eole). It was a "good year but less exceptional than 2023", it said.
Swiss authorities draw up new rules to manage PFAS
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The Swiss federal authorities are working on drawing up regulations for toxic PFAS “forever chemicals”. A government report is expected by the end of the year.
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Eugen Kägi, who helped build the family-run firm behind the popular chocolate-covered Kägi-fret wafers, died on February 13, aged 96, it was announced on Tuesday.
Empty offices in Switzerland could house 43,000 people
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Empty office buildings in Switzerland could in theory accommodate 43,000 people, according to a report by Swiss public television, RTS.
UBS among leading non-US investors in nuclear weapons producers, says study
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The number of financial institutions funding major nuclear weapons manufacturers continues to fall, a new report shows. The Swiss bank UBS bank is one of the top 30 investors.
Around 68,000 Ukrainian refugees live in Switzerland
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Three years after the outbreak of the war in Ukraine, almost 68,000 Ukrainians are currently living in Switzerland as refugees with protection status S.
English and other foreign languages on rise in Switzerland
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The proportion of people in Switzerland whose main language is not one of the four national languages – German, French, Italian or Romansh - has risen significantly in recent years.
Police bust drug trafficking ring in southern Switzerland
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Valais cantonal police have broken up a major drug trafficking ring in the Sierre region in southern Switzerland. Thirty people, including minors, have been arrested.
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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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If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.