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Big Bank Rivals Reach Merger Agreement |
Last week, we talked about Swiss banking giant Credit Suisse’s plethora of problems and how the Swiss central bank offered up to 50 billion Swiss francs ($54 billion) in loans for liquidity.
That wasn’t enough to reassure investors, I suppose.
Swiss authorities urged Credit Suisse’s long-time rival, UBS, to acquire Credit Suisse to avoid a potential crisis.
‘’Credit Suisse was on life support and Swiss authorities believed only a full transplant of the bank's divisions into UBS would restore stability to the banking system," said Susannah Streeter, Hargreaves Lansdown’s head of money and markets.
It didn’t take long for UBS to oblige.
Yesterday, UBS agreed with Credit Suisse to take over the struggling bank for $3.2 billion.
Markets overall digest this news well enough. But Credit Suisse’s stock hit record lows. Meanwhile, UBS jumped on the open before erasing many of its gains… |
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"It's a historic day,” said UBS chair Colm Kelleher on a call last night, but it was “a day we hoped would not come." The UBS CEO was also on the call, but no one from Credit Suisse was.
Easy to see why: Besides the banking-related jitters, this deal presents risk for UBS.
As Streeter at Hargreaves Lansdown points out, "It will not only have to accept the healthier parts of the business but its failing ones as well.”
That includes the troubled investment division, which has faced the brunt of the crises.
Furthermore, the combined UBS-Credit Suisse balance sheet is twice the size of the Swiss economy.
So UBS will likely trim Credit Suisse’s business and sell pieces of its operations wherever possible.
The Swiss government said UBS would have to take the first ~5 billion francs ($5.4 billion) in losses from unwinding riskier assets… |
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But it offered several tranches of liquidity loans and pledged to absorb up to 9 billion francs (~$9.72 billion) in losses.
One other interesting piece of info:
UBS was already the largest wealth manager by assets under management before this merger ($3 trillion AUM).
Credit Suisse had about $435 billion AUM (after many wealthy clients fled).
The new merger created, by far, the largest wealth manager on earth by AUM.
Wealth management clients don’t like this regardless of what’s being acquired — changes like this create uncertainty.
“The combo will be a behemoth but not a nimble or appealing player for many of the ultra-rich,” said Bob Casey, an independent wealth management consultant. “Wealthy families hate bank mergers.”
So ultimately, UBS may have to make an extra effort to maintain client trust amid an environment shaken by bank failures. |
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IMPORTANT NOTICE! No representation is being made that the use of this strategy or any system or trading methodology will generate profits. Past performance is not necessarily indicative of future results. There is substantial risk of loss associated with trading securities and options on equities. Only risk capital should be used to trade. Trading securities is not suitable for everyone. Disclaimer: Futures, Options, and Currency trading all have large potential rewards, but they also have large potential risk. You must be aware of the risks and be willing to accept them in order to invest in these markets. Don’t trade with money you can’t afford to lose. This website is neither a solicitation nor an offer to Buy/Sell futures, options, or currencies. No representation is being made that any account will or is likely to achieve profits or losses similar to those discussed on this web site. The past performance of any trading system or methodology is not necessarily indicative of future results. CFTC RULE 4.41 – HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING. ALSO, SINCE THE TRADES HAVE NOT BEEN EXECUTED, THE RESULTS MAY HAVE UNDER-OR-OVER COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFIT OR LOSSES SIMILAR TO THOSE SHOWN. |
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