UBS to Book $900 Million Provision on Credit Suisse Supply Chain Funds Offer
By Adria Calatayud
UBS Group said its main operating unit expects to book a provision of around $900 million in its second-quarter results on an offer by Credit Suisse Supply Chain Funds to buy out investors.
The Swiss financial group said Monday that it expects no material impact on its UBS AG unit on a standalone basis. The offer isn't expected to have a material effect on results or the capital position of the group as a whole, reflecting provisions it booked at the time of the acquisition of Credit Suisse, UBS said.
The bank said fund investors who accept the offer will get 90% of the net asset value of the fund as of February 2021. The investment will be managed as part of UBS's noncore and legacy portfolio, it said.
Write to Adria Calatayud at adria.calatayud@wsj.com
(END) Dow Jones Newswires
June 17, 2024 03:07 ET (07:07 GMT)
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