UBS Group AG Considers Divesting Credit Suisse Turkey
UBS Group AG is reportedly considering selling Credit Suisse's investment bank unit in Turkey to streamline operations and focus on core business areas. Discussions with potential buyers are ongoing.
UBS Group AG is reportedly considering selling Credit Suisse's investment bank unit in Turkey as part of its strategy to streamline operations and focus on core business areas. Sources familiar with the matter have revealed that the Swiss lender is in discussions with potential buyers to gauge interest in the business.
In addition to the potential sale of the investment bank unit, UBS has also initiated a process to separate Credit Suisse's wealth management operations in Turkey. However, a final decision on the future of this business has yet to be made. The bank aims to complete these restructuring efforts before the legal merger of the two banks is finalized, which is expected to take place in the second quarter.
UBS's move to scale back certain units of Credit Suisse, particularly the investment bank, comes as part of its broader risk reduction strategy following the government-brokered takeover. This trend of international brokerages exiting or downsizing in Turkey has been observed in recent years, with major firms like Morgan Stanley, Citigroup Inc., and JPMorgan Chase & Co. either reducing staff in Istanbul or closing down certain operations.
Notably, UBS had previously shuttered its equity brokerage in Turkey in 2017 as part of cost-cutting measures, although it still maintains wealth management operations in the region.
UBS's consideration of selling Credit Suisse's investment bank unit in Turkey and the ongoing restructuring efforts reflect the bank's commitment to optimizing its operations and focusing on areas that align with its business model.
UBS Group AG Considers Divesting Credit Suisse Turkey
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