Credit Suisse’s private bank is the “jewel in the crown,” but its investment bank would be out in the cold if UBS takes over the firm.
Credit Suisse Australia’s lucrative wealth management arm, which banks some of the country’s richest people, would be the “jewel” in the crown of any agreement with UBS, which is in talks over aA deal, being ironed out in Zurich and due as soon as late Monday AEDT, would bring an Australian wealth management arm to UBS, which has been out of the local private banking space since 2015.
For UBS, the addition of Credit Suisse’s Rolodex of high-net-worth customers will be a ripe cherry atop a robust Australian investment banking franchise, if it is prepared to deal with billions of dollars in bad loans made by Credit Suisse in Asia.“It is the jewel in the crown,” one Credit Suisse insider said of the bank’s private bank, adding that he and many of his colleagues were uncertain of their futures with the bank.
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