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UBS has hired JPMorgan to explore C.Suisse domestic spin-off -Swiss media

By:
Reuters
Updated: Apr 13, 2023, 07:16 GMT+00:00

ZURICH (Reuters) - UBS has hired JPMorgan to explore a possible IPO of Credit Suisse's domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday.

Credit Suisse annual general meeting

ZURICH (Reuters) – UBS has hired JPMorgan to explore a possible IPO of Credit Suisse’s domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday.

Last month UBS agreed to takeover Credit Suisse for 3 billion francs as part of a merger engineered by Swiss authorities, while the Alpine state put up more than 200 billion francs of support and guarantees.

UBS now wants to get down to business quickly.

Speaking at its general assembly last week, Vice Chairman Lukas Gaehwiler said that “all options are on the table” concerning Credit Suisse’s domestic business.

He also said it would continue to operate under its old brand in Switzerland for the foreseeable future.

UBS and Credit Suisse declined to comment.

JPMorgan was not immediately available for comment.

(Reporting by Noele Illien; editing by Jason Neely)

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