2023-08-31 07:17:15
Shares of UBS rose to their highest level since October 2008 on Thursday, extending a sharp rise that put the Swiss bank well ahead of its European rivals following the March takeover of struggling rival Credit Suisse.
UBS rose more than 6% in Zurich, poised for its biggest one-day rise since March, following the group said it would fully absorb the home bank of Credit Suisse and raise its ambitions cost savings of over $10 billion.
“It is clear that the group remains a near-term construction site, but we believe that this series of results and announcements should give confidence in the medium-term bullish scenario,” Deutsche Bank analysts said in a note.
The stock is up 36% so far in 2023, compared to a 13.5% gain for the broader European banking index.
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