2023-04-30 12:45:21
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ZURICH (Archyde.com) – UBS, whose takeover of Credit Suisse is nearing completion, is working on a spin-off from the Swiss part of its former rival, NZZ am Sonntag reported on Sunday.
The Sunday newspaper cites a source according to which UBS agreed to the idea of a “spin-off”, whereas it initially considered this option “out of the question”, under public and political pressure.
UBS executives have repeatedly said that all options remain on the table regarding Credit Suisse’s domestic business.
NZZ also reported, citing multiple sources, that former co-head of UBS’s global wealth management division, Tom Naratil, would return following stepping down in October.
UBS declined to comment.
(Noele Illien, Gilles Guillaume for the French version)
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