UBS Community AG will likely shrink Credit Suisse Community’s $10 billion shipping portfolio that it inherited as a share of its emergency takeover on Sunday, the Wall Street Journal reported on Wednesday.
UBS might perchance well furthermore are attempting to sell the portfolio, but doing so might perchance well advised homeowners to pass their accounts in other places, the WSJ reported, citing of us familiar with the topic.
About half of the shipping portfolio entails Greek shipowners that employ their deposits in the financial institution’s wealth management arm as collateral to finance new ships, the yarn added.
UBS and Credit Suisse did now not straight away acknowledge to a ask for enlighten.
Swiss authorities launched closing week that UBS had agreed to purchase its rival Credit Suisse in a merger aimed at containing a crisis of self belief that change into spreading thru world banking.
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