2023-04-24 07:21:03
Zurich (awp) – The takeover of Credit Suisse by UBS has somewhat disrupted the recovery plans of Credit Suisse First Boston. However, an agreement has been reached with Mr. Klein & Co LLC, which was initially intended to separate the advisory activities in the investment bank, said the bank with two veils on Monday.
The agreement reached ends the acquisition of The Klein Group LLC, the investment banking activities of Mr. Klein & Co due to the planned merger with UBS.
Originally, Credit Suisse wanted to separate its advisory and support activities for companies in the process of mergers, acquisitions and IPOs. These were to operate under the CS First Boston entity, to be listed separately thereafter. The management was to be entrusted to Michael Klein, a former member of the board of directors of Credit Suisse.
Credit Suisse was to buy The Klein Group for around $175 million. The acquisition price, considered high for a company employing 40 people, had caused ink to flow.
Following the announcement of the takeover of Credit Suisse, UBS immediately indicated that it wanted to keep the advisory activities and to move away from those of trading (“Markets”).
A spokeswoman, contacted by AWP, declined to provide details of the agreement. She did not wish to indicate whether compensation will be paid to Mr. Klein, when the transaction was already advanced and was to be concluded during the first half of 2023.
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