UBS to Sell Former Credit Suisse Investment Unit to Managers
By Adria Calatayud
UBS Group said it agreed to sell Credit Suisse Insurance Linked Strategies, an investment business formerly owned by Credit Suisse, to the unit's managers for an undisclosed price.
The Swiss banking giant said Tuesday that CSILS will be renamed and operate independently from the group after the deal is closed. The business will be owned by its management team, led by Niklaus Hilti.
The deal is expected to be completed in the second half of 2024, subject to regulatory approvals, UBS said.
UBS bought Credit Suisse in a deal engineered by Swiss authorities and has been recently shedding assets deemed non-core that were previously owned by its former rival as part of the integration process.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
July 23, 2024 11:57 ET (15:57 GMT)
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