UBS sells $8 billion of Credit Suisse assets to Apollo

Reuters - 27/03
UBS has sealed the sale of Credit Suisse's securitised products business to Apollo Global Management as part of efforts to shed non-core assets after its takeover of the collapsed banking group.
ZURICH, March 27 (Reuters) - UBS (UBSG.S), opens new tab has sealed the sale of Credit Suisse's securitised products business to Apollo Global Management as part of efforts to shed non-core assets after its takeover of the collapsed banking group.
Apollo will purchase $8 billion of "senior secured financing facilities", UBS said on Wednesday, adding that it expects to make a net gain of about $300 million from the deal in the first quarter of 2024.
The agreement is a renegotiation of the deal Credit Suisse had reached with the U.S. buyout fund in the Swiss banking group's last-ditch attempts at a revamp to avoid collapse.
"This mutually beneficial agreement aligns with UBS's strategy of winding down and simplifying its non-core and legacy portfolio," UBS said on Wednesday.
UBS Chief Executive Sergio Ermotti said the de...
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