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UBS has hired JPMorgan to explore C.Suisse domestic spin-off -Swiss media

Published 04/13/2023, 03:02 AM
Updated 04/13/2023, 03:06 AM
© Reuters. FILE PHOTO: A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023
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ZURICH (Reuters) - UBS has hired JPMorgan (NYSE:JPM) to explore a possible IPO of Credit Suisse's domestic business, Zurich based finance blog Inside Paradeplatz reported on Thursday.

Last month UBS agreed to takeover Credit Suisse for 3 billion francs as part of a merger engineered by Swiss authorities, while the Alpine state put up more than 200 billion francs of support and guarantees.

UBS now wants to get down to business quickly.

Speaking at its general assembly last week, Vice Chairman Lukas Gaehwiler said that "all options are on the table" concerning Credit Suisse's domestic business.

He also said it would continue to operate under its old brand in Switzerland for the foreseeable future.

© Reuters. FILE PHOTO: A view shows the logo of Credit Suisse on a building near the Hallenstadion where Credit Suisse Annual General Meeting took place, two weeks after being bought by rival UBS in a government-brokered rescue, in Zurich, Switzerland, April 4, 2023. REUTERS/Pierre Albouy/File Photo

UBS and Credit Suisse declined to comment.

JPMorgan was not immediately available for comment.

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