ubs
Swiss bank UBS AG has announced a restructuring of its board ahead of its merger with Credit Suisse. The merger takes place on May 31, 2024. The changes are subject to final regulatory approval and effective mostly from July 1, 2024, UBS said on Thursday. Iqbal Khan would assume the role of president of UBS Asia-Pacific, effective September 1, and become co-president of global wealth management. Rob Karofsky would become president of UBS Americas and co-president of global wealth management. George Athanasopoulos and Marco Valla would join as co-presidents of the investment bank. Damian Vogel ...
DPA International
UBS, a major Swiss bank, posted a 71% increase in its first quarter net profits, bringing its gains up from last year's $1.03 billion to $1.76 billion. Earnings per share were $0.52, up from prior year's $0.32. Operating profit before tax was $2.38 billion, compared to $1.50 billion a year ago. Underlying profit before tax was $2.62 billion, compared to $1.57 billion last year. Total reported revenues reached $12.74 billion, 46% higher than $8.74 billion in the prior year. Group underlying revenues were $12.0 billion. The company said it aims to achieve around $1.5 billion in gross cost saving...
DPA International
Swiss investment bank and financial services company UBS Group AG said on Tuesday it plans to launch a new share repurchase programme in 2024 of up to $2 billion. In 2024, UBS expects to repurchase up to $1 billion of shares, commencing after the completion of the merger of UBS AG and Credit Suisse AG. UBS said the 2022 share repurchase programme concluded on March 28, 2024. In total, 298,537,950 UBS Group AG shares were repurchased via a separate trading line on the SIX Swiss Exchange as part of the 2022 share repurchase programme, representing 8.62% of the current registered share capital of...
DPA International
Swiss banking giant UBS Group AG and Apollo Global Management Inc of the United States announced on Wednesday that they have entered into an agreement to finalize the spin-off of investment firm Atlas SP. This is the final step in carve-out of former Credit Suisse Securitized Products business, Atlas SP in which UBS will close out an investment management agreement with Atlas. As part of the deal, Apollo will purchase $8 billion of senior secured financing facilities from UBS. UBS Group expects to recognize a net gain in the first quarter of around $0.3 billion from the conclusion of these agr...
DPA International
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