UBS has revealed further details about the reallocation of Swiss bank Credit Suisse’s high-net-worth client segment to UBS Global Wealth Management.
$72 billion (CHF 65.7 billion) in invested assets and $600 million in annual underlying revenue will leave Credit Suisse’s private and corporate credit banking division. There will also be other smaller transfers of businesses previously owned by Swiss bank Credit Suisse.
UBS expects the transferred high net worth segment to contribute more than $200 million per year in global pre-tax wealth management earnings by 2026.