UBS is buying Credit Suisse for just $3.2 bln. In return for shoring up confidence it gets a balance sheet backstop, a competition waiver, big savings and a capital boost. It also becomes bigger and more systemic than ever - LiamWardProud
late on Sunday, is designed to shore up confidence in the country’s financial industry rather than benefit the buyer. Even so, UBS is salvaging the most value from the wreckage.
Thanks to a competition waiver, Kelleher can even keep Credit Suisse’s domestic unit, giving UBS a dominant position in local retail and corporate banking and allowing it to extract hefty cost savings. Chief Executive Ralph Hamers reckons the bank can cut about $8 billion of annual expenses by 2027. After deducting tax at 24% and capitalising using a 10% discount rate, those savings have a net present value of about $60 billion - roughly in line with UBS’s market value before the deal.
A UBS takeover is preferable to the Swiss government nationalising Credit Suisse or winding it down. And Kelleher has improved the chances of the rewards outweighing the risks. Whether it’s enough to soothe the wider financial sector is less clear.UBS will rescue Credit Suisse in a deal worth about 3 billion Swiss francs, Swiss authorities and the two banks said on March 19.
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