Credit Suisse Japan Wealth Unit To Be Absorbed By UBS-SuMi Venture Post Takeover
Portfolio Pulse from Benzinga Neuro
UBS Group AG's joint venture with SuMi TRUST Wealth Management Co will acquire Credit Suisse's wealth management business in Japan, following UBS's takeover of Credit Suisse in 2023. The deal will transfer all of Credit Suisse's advisors and assets in Japan to UBS SuMi, maintaining the original ownership structure of 51% UBS and 49% SuMi TRUST Holdings. This acquisition is part of UBS's integration of Credit Suisse, alongside a new $2 billion share buyback program set for 2024, following a successful $1 billion buyback after a strong Q4 performance.
April 08, 2024 | 8:09 am
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UBS's joint venture with SuMi TRUST is acquiring Credit Suisse's wealth management business in Japan, indicating a strategic expansion and integration effort. UBS also announced a new $2 billion share buyback program for 2024, signaling confidence in its financial health and commitment to enhancing shareholder value.
The acquisition of Credit Suisse's wealth management business in Japan by UBS's joint venture is a significant move that showcases UBS's strategic expansion in Asia and its ongoing integration of Credit Suisse. The announcement of a new $2 billion share buyback program further demonstrates UBS's financial strength and its commitment to returning value to shareholders, likely positively impacting its stock price in the short term.
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