Finance
UBS Powers Past $100 Billion a Year After Credit Suisse Fall
- Swiss bank’s market cap hits milestone, but still lags rivals
- Executives focused on US market as key for growth plans
This article is for subscribers only.
On the first anniversary of UBS Group AG’s historic takeover of its former rival Credit Suisse, it’s becoming clear just how advantageous the deal has been for the bank. It has pushed its market capitalization past $100 billion to the highest level in almost 16 years and cemented its leading role in global wealth management.
The most obvious effect for the Swiss lender is a growth in scale that would have required many years of painstaking work building client relationships if it were to be achieved organically. Overnight, the client funds managed by its wealth unit jumped by about one-fifth to $3.4 trillion at the time.