UBS: agreement to sell assets to Apollo

(CercleFinance.com) - UBS announces an agreement with Apollo to close its investment management contract with Atlas, under which Apollo will buy back $8bn of senior secured financing facilities from the Swiss bank.


This mutually beneficial agreement is in line with UBS's strategy to reduce and simplify its Non-Core and Legacy (NCL) portfolio, it says, adding that it completes the demerger of Credit Suisse's former securitized products business.

UBS expects to book a net gain of around $0.3bn in Q1 2024 as a result of this agreement, while Credit Suisse is expected to book a net loss of around $0.9bn.


Copyright (c) 2024 CercleFinance.com. All rights reserved.