UBS Sells $8 Billion of Credit Suisse Assets to Apollo Global Management

UBS has sealed the sale of Credit Suisse’s securitised products business to Apollo Global Management as part of efforts to shed non-core assets after its takeover of the collapsed banking group.

Apollo will purchase $8 billion of “senior secured financing facilities”, UBS said on Wednesday, adding that it expects to make a net gain of about $300 million from the deal in the first quarter of 2024.

The agreement is a renegotiation of the deal Credit Suisse had reached with the U.S. buyout fund in the Swiss banking group’s last-ditch attempts at a revamp to avoid collapse.

Read the source article at Yahoo Finance