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UBS sells Credit Suisse unit to current management
The management team of a subsidiary of the former second-largest Swiss bank has taken over its entire stake.
The transaction amount was not disclosed.
KEYSTONE/Michael Bucholzer
UBS has announced the sale of Credit Suisse Insurance-related Strategies (CSILS) for an undisclosed sum. The management team of the former second-largest Swiss bank’s subsidiary specializing in asset management will take over the entire stake.
The three-bank said in a press release on Tuesday that CSILS will operate independently from UBS and under a new name after the transaction, which is planned to be completed in the second half of this year after regulatory approval, is closed. UBS welcomed the “management buyout” that ensures continuity for investors.
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