Banking giant UBS to absorb Credit Suisse's domestic bank

UBS could have spun off the business and floated it in an IPO but the domestic bank has been a solid profit-maker for Credit Suisse and last year it was the only division in the black. The long-awaited announcement was made in tandem with UBS's first earnings report since taking over its stricken rival.

Aug 31, 2023 - 14:30
Banking giant UBS to absorb Credit Suisse's domestic bank
UBS could have spun off the business and floated it in an IPO but the domestic bank has been a solid profit-maker for Credit Suisse and last year it was the only division in the black. The long-awaited announcement was made in tandem with UBS's first earnings report since taking over its stricken rival.