'UBS Sells 36% Of Credit Suisse China To Beijing For $91.4M' - SuperNews
Portfolio Pulse from Benzinga Newsdesk
UBS Group AG has sold a 36.01% stake in Credit Suisse's China unit to Beijing State-owned Assets Management for $91.4 million, retaining a 15% share. This sale is part of UBS's strategy following its acquisition of Credit Suisse. The CSI 300 Index hits a four-month low as investors await stimulus measures ahead of the Communist Party's Third Plenum next month.
June 24, 2024 | 1:28 pm
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UBS Group AG has sold a 36.01% stake in Credit Suisse's China unit to Beijing State-owned Assets Management for $91.4 million, retaining a 15% share. This move is part of UBS's strategy following its acquisition of Credit Suisse.
The sale allows UBS to streamline its operations in China and focus on its core business areas. The transaction also provides UBS with liquidity and reduces its exposure to a money-losing business.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
The CSI 300 Index, a key benchmark for Chinese equities, has hit a four-month low as investors await concrete stimulus measures ahead of the Communist Party's Third Plenum next month.
The decline in the CSI 300 Index reflects broader investor concerns about the lack of immediate stimulus measures. This negative sentiment could impact ETFs like FXI, which track Chinese equities.
CONFIDENCE 85
IMPORTANCE 70
RELEVANCE 50