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UniCredit has paused its takeover bid for Banco BPM following conditions set by the Italian government, which the bank argues could restrict its operational flexibility and lead to unintended consequences. The conditions impact credit activities, liquidity management, and asset management related to Anima Holding. UniCredit remains committed to supporting small businesses and reducing its presence in Russia while awaiting feedback from authorities.
Credit Agricole's Indosuez Wealth Management is set to acquire Switzerland's Banque Thaler, enhancing its footprint in the wealth management sector. This acquisition will increase total assets under management to nearly 220 billion euros, with about 50 billion euros in Switzerland. The deal, pending regulatory approval, is expected to close in the second half of the year.
UBS Group has proposed capping its investment bank's size at 30% of its total business and increasing its capital by $5 billion to negotiate with Swiss authorities and avoid stricter regulations. The bank anticipates that Swiss demands could require an additional $40 billion in capital following the Credit Suisse acquisition. A UBS spokesperson expressed support for government efforts to enhance financial stability, provided they do not impose excessive burdens.
UBS reported a net profit of $770 million in Q4, significantly surpassing expectations, driven by strong growth in its investment bank and wealth management sectors. The bank announced a 29% increase in dividends to $0.90 per share and plans $3 billion in share buybacks for 2025. Integration efforts with Credit Suisse are expected to yield $2.5 billion in savings this year, contributing to a targeted $13 billion in gross cost savings by the end of 2026.
UBS Group reported a fourth-quarter net profit of $770 million, surpassing analysts' expectations of $483 million, and rebounding from a loss of $279 million a year earlier due to integration costs from Credit Suisse. The Zurich-based bank plans to initiate share buybacks valued at up to $3 billion this year.
UBS Group reported a third-quarter net profit of $1.425 billion, significantly surpassing analysts' expectations of $740 million and recovering from a loss of $715 million in the same period last year. The positive results were driven by strong performance in its investment banking and wealth management divisions, alongside reduced expenses from integrating Credit Suisse.
American Express has acquired a stake in Swisscard from UBS, while also facilitating the transfer of Credit Suisse's card portfolios to UBS, with a transition expected in early 2025. American Express plans to expand its operations in Switzerland. Following the news, UBS shares fell by 1.55% to 28.02 francs, and American Express shares dropped by 2.15% to 270.85 US dollars.
UBS Group is selling its 50% stake in Swisscard, a credit-card joint venture with American Express, making Amex the sole owner. This move is part of UBS's strategy to divest assets from its acquisition of Credit Suisse, as issuing credit cards through Swisscard does not align with its operations. The transition of Credit Suisse-branded card portfolios to UBS is set to begin in the first half of 2025.
Adria Calatayud
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