ZURICH – UBS Group (NYSE: UBS) has agreed to sell a former insurance-linked investment arm of Credit Suisse to the management of the business, the Swiss bank said on Tuesday.
UBS bought its longtime rival Credit Suisse in 2023 after the bank collapsed following a string of financial setbacks. UBS has since then been working to integrate Credit Suisse into its operations while selling off parts of the business.
“UBS Group AG has today signed a definitive agreement to sell its 100% holding in Credit Suisse Insurance Linked Strategies Ltd (“CSILS”) to the CSILS management team led by Niklaus Hilti,” the bank said in a statement.
UBS did not disclose the price of the transaction.
The deal is expected to close in the second half of the year, subject to regulatory approvals. Upon closing, CSILS will operate independently of UBS Group (NYSE: UBS) under a new name and continue to manage the funds and single investor fund mandates, UBS said.
“UBS and the CSILS team will work together to ensure a smooth and successful transition for investors,” UBS added.
(Source: Reuters)
Mark Glenn is a financial journalist and breaking news reporter for ABBO News. Mark is known for his ability to deliver real-time news updates on market developments, mergers and acquisitions, corporate earnings reports, and regulatory changes, helping investors stay informed and make sound financial decisions.
