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UBS Group AG (NYSE:UBS) shares are trading higher on Monday after the company agreed to acquire Credit Suisse. The stock initially fell following the news but has since reversed.
With the merger of UBS and Credit Suisse, the combined company will have about $5 trillion in assets under management, of which $3.4 trillion will be in the wealth management business and $1.5 trillion in asset management services. This makes UBS the second-largest Wealth Manager in the world and the third-largest Asset Manager in Europe.
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UBS Chairman Colm Kelleher said: “This acquisition is attractive for UBS shareholders but, let us be clear, as far as Credit Suisse is concerned, this is an emergency rescue. We have structured a transaction which will preserve the value left in the business while limiting our downside exposure. Acquiring Credit Suisse’s capabilities in wealth, asset management and Swiss universal banking will augment UBS’s strategy of growing its capital-light businesses.”
The Swiss National Bank said that both CS and UBS have unrestricted access to current SNB liquidity facilities.
UBS Price Action: UBS Group AG has a 52-week high of $22.30 and a 52-week low of $13.81.
UBS Group AG shares are up 3.63% at $18.88 at the time of writing, according to Benzinga Pro.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.